HBA - Taxing Details

We interrupt our regularly scheduled newsletter to bring you the following breaking news…

Did you hear the story about the 98-year-old woman who left her entire estate to the government? Unfortunately, we're not kidding. Margaret Elizabeth Taylor of Findlay, OH, bequeathed $1.1 million to the Treasury Department in order to pay down the national debt.

We don't know how this strikes you, but we had a few thoughts / observations:

1) Though she had no living siblings or children, how ticked were the extended family members? "She had how much and sent it where???"
2) With the gift, the national debt was slashed from approximately $8,100,000,000,000 to $8,099,998,900,000.
3) Was the donation subject to the 45% estate tax?
4) With the same donation amount, it will only take 7,363,635 similarly minded people to completely eliminate the national debt. (Except they better do it quickly as the interest on $8 trillion compounds rather rapidly.)
5) Say what you will, but it's a better investment than Cleveland Brown's season tickets.
6) Upon hearing the news, Congress immediately passed a new spending bill. (joke)

In closing, if you're tempted to follow Ms. Taylor's example, please call your CPA, who may have a different idea or two for you.

To ask a question, request additional information, or unsubscribe, simply reply to this message. And if you know of anyone who may be interested in "Taxing Details," don’t hesitate to pass it along.


We interrupt our regularly scheduled newsletter to bring you the following breaking news… Did you hear the story about the 98-year-old woman who left her entire estate to the government? Unfortunately, we're not kidding. Margaret Elizabeth Taylor of Findlay, OH, bequeathed $1.1 million to the Treasury Department in order to pay down the national debt. We don't know how this strikes you, but we had a few thoughts / observations: 1) Though she had no living siblings or children, how ticked were the extended family members? "She had how much and sent it where???" 2) With the gift, the national debt was slashed from approximately $8,100,000,000,000 to $8,099,998,900,000. 3) Was the donation subject to the 45% estate tax? 4) With the same donation amount, it will only take 7,363,635 similarly minded people to completely eliminate the national debt. (Except they better do it quickly as the interest on $8 trillion compounds rather rapidly.) 5) Say what you will, but it's a better investment than Cleveland Brown's season tickets. 6) Upon hearing the news, Congress immediately passed a new spending bill. (joke) In closing, if you're tempted to follow Ms. Taylor's example, please call your CPA, who may have a different idea or two for you.
	To ask a question, request additional information, or unsubscribe, simply reply to this message. And if you know of anyone who may be interested in "Taxing Details," don’t hesitate to pass it along.