In what may be one of the stranger cases with the IRS, there is contention that the above sculpture is both worthless and worth up to $65 million at the same time.

Art dealer Ileana Sonnabend died in 2007 a resident of New York City and citizen of the United States. When she passed away, the value of her estate, as determined by her children, was around $1,000,000,000 (one billion dollars) and her estate was subject to federal and New York estate taxes. According to the tax returns, her Estate had to pay $331 million to Uncle Sam and $140 milliion to New York State for the estate taxes. Those are big numbers, but they do not even include the above “art”.

You see, the above sculpture includes a stuffed bald eagle. Because the bald eagle is a part of the work of art, there is a federal statute that says any sale of the piece will result in a fine up to $1,000,000 and imprisionment for up to one year in a federal pen. Because of the penalties against transfer, the executors of the Estate said the sculpture was was worth $0. The IRS and the Department of Revenue for New York feel differently, though. They allege that even with the penalties, the sculpture is worth $65 million, which would cause another $40 million in taxes to be due.
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So what is the family going to have to do? They will have to pay the $40 million in taxes and hold on to a worthless sculpture that they can only donate to a federal institution or a Native American musuem (the only institutions which are permitted bald eagle artifacts), but even with the donation, they are not entitled to any tax deduction.

What you should learn from this is “get rid of any contraband worth any money before you die.”

I was informed by my local State Senator this past week that an issue I wanted addressed by our new Governor and her administration has been resolved. The best part is the resolution will greatly help farmers and ranchers in Oklahoma.

A little background: The Oklahoma State Constitution provides for the exemption from ad valorem taxation of household goods and livestock employed in the support of a family. Okla. Const. Art. 10, Sec. 8A. The previous Attorney General issued an opinion on this provision that stated “in support of a family” was limited to farmers and/or ranchers that owned the livestock in their individual name or as sole propreitorships. If livestock were owned through a limited liability company, a family partnership or a corporation, the livestock should have been subject to the County’s ad valorem taxes.

The conflict that arises here is that all of the forms of ownership that allowed for exemption from property taxes would subject the farmer or rancher to unlimited liability in the event a lawsuit arose. For example, if a fence went down and cattle were out at night and caused a significant automobile accident, the farmer and his insurance would have to pay all judgments that arose from that accident; even to the point of having to sell land, if the judgment far exceeded liability coverage. Under the previous Attorney General ruling, there was no way to limit the liability to just the cattle unless you wanted to pay ad valorem taxes on them.

I was informed that the new Attorney General opinion approves the use of family limited liability entites. The opinion supposedly interprets the clause (in the state Constitution) “in support of the family” to include any entity where a family unit, consisting of common descendents, e.g. father/son, siblings, or cousins, to be exempt from ad valorem taxation on livestock as well. When the opinion is published, I will have more detail. In addition, my local Senator informed me the Legislature is proposing a bill to make this interpretation a statute, rather than just an Attorney General opinion.

But now, there is nothing to worry about as it sildenafil india is completely treatable. The woman as viagra samples cheap a sexual being was completely ignored. Being PDE5 blocker medicine, it levitra 20 mg top web-site suppresses ones action regarding this enzyme from the smooth muscles. Some women have extreme ache during the ovulation process when the ovaries float female viagra pill close to the fallopian tube, endometriosis, chronic medical illness, abnormal cervical mucus, pelvic disease and brief menstrual cycle. If you would like to schedule a consultation to see how you can limit your liability, then call my office at 580-318-8829 to discuss how this law change can affect your family farm.

Brent S. Howard, Esq.

Most individual taxpayers can reduce their taxable income by contributing money to a traditional retirement account (IRA). Contributions to IRAs can be made as late as the first due date of the individual’s income tax return and can be considered retroactive to the previous tax year.

By contributing money to your Traditional IRA before April 15th (or filing your individual tax return, whichever is sooner) most taxpayers get to deduct the contribution amount against last year’s income. The Limits for the IRA deduction are as follows:

If you are 49 years of age or younger, then you can contribute $5,000.

If you are 50 or older, then you can contribute $6,000.

To be eligible to fund an IRA for a particular year, you must have earned income. For IRA purposes only, earned income consists of wages, self-employment income, and alimony. You must also be under 70.5 years of age at the time of the contribution.
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The deduction is claimed on your regular Form 1040 of Form 1040A. You do not have to itemize to report this deduction.

The amount of the deduction is phased out for taxpayers who have modified adjusted gross income (MAGI) of more than certain amounts. For single taxpayers and heads of households the MAGI limits are between $56,000 to $66,000. For Married filing jointly, the MAGI limits are between $90,000 to $110,000.

If you are looking to fund your retirement and you meet the above standards, then you should look at making the contribution now so you can take the deduction now instead of waiting until later in the year. The benefit of the deduction now is the time value of money and your use for the remainder of the year.

If you have questions on the above, please do not hesitate to contact my office.

Just a reminder to everyone that our first complimentary seminar in the Altus area will be on Thursday, February 23rd at 6:00 p.m. at the Francis Herron Seminar Room at Southwest Technology Center.

Shamrock Bank will be providing burgers for everyone in attendance. This seminar will be a great way for you to learn the basics of passing property at someone’s death and the most efficient way to complete the transfers by minimalizing taxes and expenses.
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RSVP before 6:00 p.m. Wednesday, February 22 by calling Brent S. Howard at 580-318-8829.