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Proposition 19 Tax

Proposition 19 Tax Alert: Take Advantage of the Parent-Child Exclusion While it Lasts

It looks like Proposition 19 has passed by a narrow margin of 51.5% to 48.5%, making it the first successful attack on the parent-child exclusion (Proposition 58) since passage in 1986.  Under the soon to be old law, California real estate is exempt from reassessment for two types of transfers between parent and child (and, sometimes, grandparent and grandchild): (i) transfers of a parent’s primary residence to a child (or children) and (ii) transfers of up to $1 million of assessed (roll value) of a...

The Perfect Entity Choice for Your Dream Business

The Perfect Entity Choice for Your Dream Business

I associate the “dream business” with the need to scratch an entrepreneurial itch – it seems like a great idea, but you have no idea how successful it will be.  For the reasons set forth below, the best choice of entity for your dream business is probably an LLC. One of the first steps in starting any business is determining which type of entity to form and organize and operate your business out of: a corporation, an S Corporation, a limited liability company (LLC), a limited partnership, a...