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Monday, November 17, 2008

Tax Assesment

by taxnick on November 17, 2008

An assessment is a determination by a government agency that you owe tax.
In general, an assessment must be made within 3 years from the date the return was filed.
In the case of a false return, a willful attempt to evade tax, failure to file a return, or pursuant to agreement between you and the government [...]

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What is the Generation Skipping Tax?

by taxnick on November 17, 2008

Generation Skipping Transfer (GST) Tax is repealed as of the year 2010 but reapplies in its entirety as of 2011. Until 2010, the exemption amount will be the same as the estate tax exemption amount.
The Generation Skipping Transfer Tax is 45% in 2007 through 2009.
The basic Estate Tax is designed to tax assets when they [...]

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