Look a gift horse in the mouth

Article Abstract:

The Family Owned Business Exclusion (FOBE) allows a family business owner to pass $1.3 million in a business interest real estate-tax free if certain conditions are met. It requires a careful planning of estates on the part of family business owners to qualify for the benefit. The conditions are as follows: that the family-owned business must be based in the US, and the decedent's family must own at least 30% of the business. The decedent must be a US citizen and must have owned or materially participated in the family-owned business. The aggregate value of the business interests must be more than half of the decedent's adjusted gross estate.

Financial Planning, Taxation, Family-owned business enterprises, Family-owned businesses

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Maximize charitable gift benefits: the IRS plans to clarify when small businesses can give S-corporation stock to charities

Article Abstract:

Congress' plans to decide whether or not Charitable Remainder Trusts quality for becoming shareholders of S-company stock. If the answer is no, S-corporation stock owners will be at a disadvantage to C-corporation stock owners. An answer in the affirmative would give S-corporation owners a benefit that partnership or limited-liability corporation owners lack. The enactment of the Small Business Job Protection Act in Aug 1996 making it easier for small business owners to achieve S-corporation status has brought the issue to the fore.

Small Business, Business Aid & Regulation NEC, Management, Column, Business assistance

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Do the right thing

Article Abstract:

Several restrictive legislations intended to end perceived prejudices in underwriting have been the center of controversy in the insurance industry. Many insurers objected on the possibility of establishing 'special privilege' classifications contending that they should underwrite on facts and probability alone. It was argued however, that the nature of an insurance business is such that it carries with it social impact and relevance which makes it more of a necessity than a luxury.

Insurance Regulation, Interpretation and construction, Insurance, Insurance policies, Insurance law

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