Sidney is a psychiatrist. Four years ago, he purchased the building in which his office is located
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Sidney is a psychiatrist. Four years ago, he purchased the building in which his office is located for $375,000. Sidney transfers ownership of the building to his daughter, Nora, and signs a leaseback agreement stipulating that he pay annual rent of $35,000 to Nora for the use of the building for his practice.What family tax-planning goal has this transaction achieved?
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Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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