If there were no special family business tax breaks
1997
1998
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AMBRECHT & BRITTAIN, LLPSignificant Tax Breaks for Eligible Family Farms and Businesses |
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The following is an insert to "Highlights of the New Tax Law" Article.
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YEAR: |
1997 |
1998 |
2000 |
2002 |
2004 |
2006 |
|
Applicable Credit Amount |
$600,000 |
$625,000 |
$675,000 |
$700,000 |
$850,000 |
$1,000,000 |
| Family-Owned Business Exclusion |
0 |
675,000 |
625,000 |
600,000 |
450,000 |
300,000 |
| Conservation Easement |
0 |
100,000 |
300,000 |
500,000 |
500,000 |
500,000 |
| IRC S 2032A Special Use Real Property Value |
750,000 |
760,000 |
780,000 |
790,000 |
810,000 |
820,000 |
| Total Asset Value Sheltered from Taxes |
1,350,000 |
2,160,000 |
2,380,000 |
2,590,000 |
2,610,000 |
2,620,000 |
| Amount of Estate Tax on Farm |
1,457,500 |
1,012,000 |
891,000 |
775,500 |
764,500 |
759,000 |
| Approx. IRC S 6166 Installment Interest for First Year |
60,200 |
34,700 |
29,700 |
24,900 |
24,500 |
24,200 |
If there were no special family business tax breaks |
1997 |
1998 |
2006 |
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The contents of this publication are for information purposes only and are not meant nor should be construed to be legal advice. Note, also, the date of the document. Laws are constantly changing, and are subject to differing interpretations. We, therefore, urge you to do additional research or to contact your own legal or tax counsel before acting on the information contained here. |