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WEDNESDAY TAX COMMENTARY ROUNDUP

July 11, 2007

A quick visit this morning to some of our favorite tax sites:

Death and Taxes has the second installment of its gift tax primer. This might be read profitably along with California Tax Attorney's Top Ten Estate Planning Mistakes.

The Tax Grrrrl is embroiled in a commentary battle with the attorney for the losing side in the recent new Murphy decision. The TaxProf has rounded up the links.

The TaxGuru notes that California may be cutting corners to seize unclaimed property.

And the Wandering Tax Pro is driven to distraction by K-1s for publicly traded partnerships, and he has an astute observation:

Why do individuals invest in limited partnerships? I doubt any of my clients that have owned a limited partnership investment over the years actually called up his/her broker and said, “I want to buy some units of XYZ Timber LP.” Individuals invest in limited partnerships because their brokers tell them to!

While I cannot say this with certainty, it is my belief that brokers receive a higher commission from selling limited partnership units than from selling traditional shares of stock.

That's my suspicion too.

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