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Re: Jacqueline Kent Cooke: Heiress Arrested
Quote:
Originally Posted by jgalecpa
I can tell you why he did that.
The US Estate Tax (Title 26 USC) taxes the Gross estate at about 55%.
55% of $800m is $440m.
The payment must be made in cash.
The problem is the gross estate consisted of (mostly) the Washington Redskins, a non-cash asset.
There simply was no cash to pay that kind of tax.
The estate tax does NOT apply to amounts left to a charity, hence the JKC Foundation was born.
It is a standard estate planning device.
Ask Warren Buffet, Bill Gates, Etc.
J-Dawg.
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Good info.
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according to a source with knowledge of the situation.
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