oa De Rebus - More tax troubles after taxpayers sell homes held in companies, CCs and trusts
In 2006 (Sept) DR 47, I examined some of the many taxation problems faced by individual taxpayers who sold homes that were held in corporate entities or trusts and that were acquired prior to I October 2001, so as to take advantage of a tax loophole that prevailed prior to that date. What that article did not consider, though, was the aftermath of such a sale. The poor taxpayer is left with an empty trust or corporate entity that he no longer needs, nor wants, and in respect of which he incurs substantial administrative costs in keeping it alive.
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