Pistons sale talks bogged down, Davidson turns to previous bidders

**R8RBOB** · November-12-10, 09:05 AM

Originally Posted by Hermod

No, the estate tax table your estate uses are for the year you died. If you die in 2010, there is no estate tax. What year did Davidson die?

Davidson died in 2009. Karen Davidson has to pay for 2009 taxes. I believe you are given a period of time to pay the millions in taxes owed so Ms. Davidson maybe trying to pay that off, not to take an advantage of a loophole that does not apply to her.

**Hermod** · November-12-10, 11:07 AM

Originally Posted by R8RBOB

Davidson died in 2009. Karen Davidson has to pay for 2009 taxes. I believe you are given a period of time to pay the millions in taxes owed so Ms. Davidson maybe trying to pay that off, not to take an advantage of a loophole that does not apply to her.

As I recall from my mother's and my father's estates, you usually have ten months to pay the estate tax. In the event you have something that is difficult to sell, you can get an extension if the IRS agrees that what you have is not readily liquid.

2009 estate taxes were 45% as I recall.

**bailey** · November-12-10, 11:24 AM

Originally Posted by Hermod

As I recall from my mother's and my father's estates, you usually have ten months to pay the estate tax. In the event you have something that is difficult to sell, you can get an extension if the IRS agrees that what you have is not readily liquid.

2009 estate taxes were 45% as I recall.

she was HIS WIFE. there is an UNLIMITED exemption for spouses. he could have passed her 1 trillion in assets tax free and she could have sold them the next day and paid zero in tax.. [[it's one of the many things teh gheys are so upset about in not being allowed to marry.) I don't know where this"estate tax" meme got started, but it's not true.

**Hermod** · November-12-10, 11:30 AM

Originally Posted by bailey

it's one of the many things teh gheys are so upset about in not being allowed to marry.)

They can be Mary.

**mikefmich** · November-12-10, 11:41 AM

Originally Posted by bailey

she was HIS WIFE. there is an UNLIMITED exemption for spouses. he could have passed her 1 trillion in assets tax free and she could have sold them the next day and paid zero in tax.. [[it's one of the many things teh gheys are so upset about in not being allowed to marry.) I don't know where this"estate tax" meme got started, but it's not true.

I'm not aware of the current situation regarding estate taxes, but I cannot believe Davidson would've left an estate his size without using every possibility and loophole to get around most if not all of it. That's why estate & trust lawyers make the bucks.

**bailey** · November-12-10, 11:52 AM

Originally Posted by mikefmich

I'm not aware of the current situation regarding estate taxes, but I cannot believe Davidson would've left an estate his size without using every possibility and loophole to get around most if not all of it. That's why estate & trust lawyers make the bucks.

if he gives it to his wife[[ which seems to be what he did with the great bulk of his assets) it goes tax free. That is not a change. its one of the most powerful estate preservation tools on the books. So all the talk about estate tax scheming or a ticking clock on estate taxes owed is bunk.

Mrs. Davidson may want to sell before the end of the year because of the uncertainty of what is to come in 2011 for her own tax planning. But that is a horse of a different color.

bartock · November-12-10, 11:42 AM

Originally Posted by bailey

she was HIS WIFE. there is an UNLIMITED exemption for spouses. he could have passed her 1 trillion in assets tax free and she could have sold them the next day and paid zero in tax.. [[it's one of the many things teh gheys are so upset about in not being allowed to marry.) I don't know where this"estate tax" meme got started, but it's not true.

Well, what happens is, you get people like me, who really don't know what the hell I'm talking about with the tax stuff, mix in a healthy amount of speculation, and...

**bailey** · November-12-10, 12:05 PM

Originally Posted by bartock

Well, what happens is, you get people like me, who really don't know what the hell I'm talking about with the tax stuff, mix in a healthy amount of speculation, and...

Understandable.. also throw in the changes, both past and coming soon, to the estate tax law. Its funny, it seems like its the rumor/conspiracy theory that will not die.