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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (229346)	4/15/2005 10:32:53 AM
From: TigerPaw	Read Replies (2) \| Respond to of 1584945

Some farm family has their farm valued at 2 million and they have to come up with 1.3 million. Wrong as usual. The first million of inheritance is tax free, so there would only be a percentage of taxes on the second million. TP

To: longnshort who wrote (229346)	4/15/2005 12:02:31 PM
From: combjelly	Respond to of 1584945

"Teresa Heinz got 500 million and the inheritance tax was 17 million." So? A couple of things here. One, that money was from her husband's estate, so there isn't a federal estate tax. Federal estate taxes don't cover money or property transferred between spouses. Two, that $17 million was the tax for the state of Penn., apparently she paid $41 million to the Feds, although I don't know what that tax was for. In Texas, for example, she would not have paid the $17 million, it is a community property state.