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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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Chapter 14: INCOME TAX PLANNING OPPORTUNITIES FOR FAMILY BUSINESSES AND OWNERS

Gary A. Zwick and James J. Jurinski

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Consultants to family businesses need to be familiar with the income tax aspects of the ownership of family businesses. In some cases, the income tax rates are as high as the transfer tax rates and the tax may be payable long before the transfer tax is due. The chapter explores the important issues surrounding choice of entity, changing from one entity to another, accounting periods and methods, deferrals, basis and then offers several creative planning opportunities to family business owners and their families.

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