2007-01-16 02:11:03 · 4 answers · asked by Brad R 4 in Business & Finance ➔ Taxes ➔ United States
No that will not work. It is called the arms length doctrine or fraud. In one case you loose the stepped up basis in the other you loose the basis and go to jail. But it does show that you are thinking.
2007-01-16 02:18:48 · answer #1 · answered by ? 6 · 1⤊ 0⤋
Could, depends upon the value of it.
It is the type of maneuver that the IRS has seen a few times before, so I wouldn't count on sliding by with anything tricky.
Talk to a CPA first they, know where the loop holes are and where the block wall is.
2007-01-16 10:17:27 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Gift tax is above $11k so yes. No idea why this would ever come up, though. No reason to ever do it.
2007-01-16 10:17:10 · answer #3 · answered by vegas_iwish 5 · 0⤊ 0⤋
You should ask a CPA.
Why in the world would you do this? Seems unneccassry waste of time.
2007-01-16 10:16:33 · answer #4 · answered by Culture Warrior 4 · 0⤊ 0⤋