Curious about Colonel Sanders

[hardnox]

BTW, that would affect 3 estates out of 1000, vs 2 in the present state.

[OKdon]

I thought you said that land prices have collapsed?. $3000 land in the garden spot of Minnesota. How much di your pay for that land "0" or $1000 per acre. Aw just forget about the capital gains aspect. After all 5 or 6 grand in capital gains should be taxed.I got one at $9 grand untaxed at the $10000 rate that you claim.

Why is there always a reason why a businessman should pay taxes but the poor slob that works for him does not get $5 million of tax forgiveness. Hard to figure out that reasoning other than the businesman deserves success and the working man doesn't!

[r3020]

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@OKdon wrote:

I thought you said that land prices have collapsed?. $3000 land in the garden spot of Minnesota. How much di your pay for that land "0" or $1000 per acre. Aw just forget about the capital gains aspect. After all 5 or 6 grand in capital gains should be taxed.I got one at $9 grand untaxed at the $10000 rate that you claim.

Why is there always a reason why a businessman should pay taxes but the poor slob that works for him does not get $5 million of tax forgiveness. Hard to figure out that reasoning other than the businesman deserves success and the working man doesn't!

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I pay taxes on my land every year.

[OKdon]

Not income taxes on capital gains.

[gurly3801539]

Don, there are no gains until an asset is sold.  As said before we pay RE tax on property every year and income tax on money made by using the land.  When I am gone my family will do the same or sell it.  If they sell and realize the gain I'm not against taxing it, but if they retain ownership they will pay the same taxes as I do now the same taxes will be paid as if I were alive.  My death should not be the trigger for taxation. 

[hardnox]

As my wife and my net worth is unlikely to exceed the current $10.5M or Sander's $7M it is a largely hypothetical matter. As, presumably, it is for most who opine on the matter.

If you assume that the modern farm operation needs to have tens of $M in capitalization in order to compete with the other 7 guys left in the county, then so be it. But I don't think there's any particular benefit to anyone other than them in engendering that, either by removing estate taxes or by subsidizing them.

As for me, I don't see the family farm as inviolate- where "we" need to hold and defend every last acre- always advance, never retreat. The family farm can be good and it can be horrible. It is what you make of it.

If it were me and I faced estate tax issues I'd probably solve it by giving away everything above the cap. If the little wankers can't make it on 2,3, 5 $M then I did a crappy job of raising them.

I've also seen and heard, many times, of farm families that are worried about E-tax because the old man has held everything and plans to rule until 100 and actually from the grave. If you're that worried about letting control go then you have more problems that taxes.

A lot of that would have been eliminated by working the kids into ownership of the business earlier. I don't feel sorry for someone who had 2000 acres and didn't need to worry about estate taxes when it was worth $3K/a but is now in a panic cuz it is worth $10.

[OKdon]

Yes gurly it should be taxed. Like my fathers $100 per acre land was $2750 upon his demise. That didn't reach the inheritance tax threshold. In march of 2015 my mother died and that same land was $9000 per acre and still no estate taxes due.

In my opinion the capital gains may be delayed from 1930 to 2015 but once the aset changes hands the capital gains ought to be due and payable.  85 years ought to be long enough to delay taxation. I fwe are going to tax income we ought to tax it all. If warren buffet buys a billion dollars worth of a given stock, he ought to pay taxes on the appreciation upon his death. There is no valid reason to allow capital gains to go untaxed. Joe six pak gets his earnings taxed before he gets the check. Why is it unfair to tax earned capital gains after the asset changes hand. There is no law that says you must invest it all. You can save back a hundred thousand or amillion to pay those dreaded taxes like the little folks do.

Would you rather be a billionaire with 10 million in taxes or a thousandaire that pay taxes every frigging week

[Red Steele]

Shifty, you are like Nutz and Boris....you don't want to pay taxes but you sure want someone else to.

[Polaris Racer]

There is no capital gains after you deduct the property tax.

[OKdon]

I pay alot of taxes and I think  WE need to pay more. That is why I want $12 beans and $6 corn. You've never heard me complain about taxes owed. Paying taxes means i'm a winner in this capitalist society. Not paying means I'm a loser. That I can't compete.

Upon My dad's demise his land was valued at $2750 per acre in 1980. Now we heirs have to pay capital gains tax on the increased value since 1980 until now. We have owned the land since 1980 since we inherited it back then. Mother has had life estate since 1980 to 2015. AKA 35 years. Now we have since sold the land and owe capital gains tax on the difference. Mother's land will pass to us without taxes.