FLORHAM PARK NEW JERSEY DIVORCE LAWYER
Uncle Sam is closing a common tax loophole that allowed wealthy parents to give stock to their children so they could use the kids’ lower tax rates on the investment income portion of their income. Starting next year, full-time students under 24 whose investment income is above $1,700 will pay at their parents’ rate. Until a year ago, that age was 14, leading many affluent couples to use their children as convenient tax shelters. The new law "is going to effect a lot of people," as told to The Wall Street Journal by New York CPA Ed Slott. New Jersey Lawyer, May 23, 2007











