On Monday 01 October 2007, gimpymommi wrote:
> --- In mlmsurvivorsclub@
> > Selling parts of a company makes much more sense than splitting it
> > up, from what I've seen, though. Everything I had heard indicated
> > more of a split than a sale.
> >
> > Hal
>
> Well, it WAS more or less a split...and appears to NOT have been sold
> off? After all, the VanAndel kids have had to deal with their
> parents' estates (and the taxes involved with them) after Jay's
> death.
For round numbers, if one has $10 million to give away at time of death,
in 2007 (which is more lenient than things have been previously), they
can give away a max of $2 million without it being taxed. Any more,
now matter how it's sliced, will be taxed at 45%. If you take that
remaining $8 million, which we'll say is the net worth of a company one
owns, and split it into 2 companies of $4 million, there's still a tax
burden on that $8 million. There are ways to play around with it by
creating trust corporations, but it still comes down to the problem of
moving anything over $2 million out of one person's (or a couple's)
possession to that of a company or another person, and the inheritance
or gift taxes will kick in.
Is it possible the point about taxes was part of the focus to remind
people just how wealthy these families were?
> So I guess my speculation was wrong anyway ;-)
>
> So maybe it WAS a name change to satisfy the Kingpins??? Happened
> during Dick DeVos' reign, and I've always felt he was WAAAY too
> agreeable with the Kingpins anyway......
I thought the change and creation of Quackstar came after the DOJ suit,
that all Scamway IBOs were suddenly Quackstar IBOs, but since it was a
different company, the DOJ suit was no longer valid.
Hal
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