Intra-family transfers continue to provide tax saving opportunities

Article Abstract:

Income shifting, the transfer of property within a family through tax planning, can reduce a family's tax liability by transferring interest among family members. Intra-family transfers can be subject to tax liabilities, including income, gift, and generation-skipping transfer taxes. It is most beneficial from income tax perspective to shift income from family members with high income to members with low income through transfers or intrafamily loans. Income shifting can be accomplished through gifts of income producing property; gift-leaseback arrangements; or through family business relationships, including family partnerships, limited partnerships or S corporations. Donors wishing to retain control of transferred property beyond donee's age of majority can set up an income shifting trust, minor's trust; current income trust, or a Crummey trust.

Analysis, Income

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Tax attributes need not be lost in mergers and acquisitions

Article Abstract:

Section 381 allows acquiring corporations to use an acquired corporation's tax attributes if their use of these tax attributes is not limited by the provisions of Sections 269, 382 and 383. The limitations specified in Sections 269, 382 and 383 on the use of the tax attributes of acquired corporations are aimed at restricting the use of mergers and acquisitions for tax avoidance purposes. The kinds of tax attributes commonly carried over after a merger or acquisition include earnings and profits, methods of accounting, contributions to pensions, and inventories.

Taxation, Acquisitions and mergers

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