CrazyInAlabama December 14 Share December 14 It's also the property tax on the land. Beth also said the ranch barely broke even for a long time. Link to comment https://forums.primetimer.com/topic/151000-s05e13-give-the-world-away/page/2/#findComment-8532878
Lonesome Rhodes December 14 Share December 14 16 hours ago, Dowel Jones said: I did some quick research and currently the federal estate tax (not the same as inheritance tax) allows the first ~$13.6 million dollars in property value to be excluded from taxation. Then, on a graduated scale, every $1 million above that is taxed at 40%, or $400,000. Nowhere near the debt that they are claiming. Yes, it's a plot device to move the story forward but I find it difficult to believe that the entire ranch would have to be sold or taken by the feds to satisfy that debt. I agree. I should have been more clear. Beth/John took out huge mortgages through the years, the last one partly as a maneuver to transfer ownership/management. That debt would transfer to whomever buys/acquires the property (Probably Rainwater). And that's why Beth never thought of the $1 solution. Nobody would take on that debt. It's all a Sheridan construct and I'm sure it's not kosher in several aspects. 1 Link to comment https://forums.primetimer.com/topic/151000-s05e13-give-the-world-away/page/2/#findComment-8532946
FnkyChkn34 December 16 Share December 16 In the real world, they should have declared bankruptcy and sold it through bankruptcy. That would "wash" it of all debts but the secured lender. If, after paying the bank, there wasn't enough left to pay the taxes, so be it. Taxing bodies get screwed all the time in bankruptcy sales. 2 Link to comment https://forums.primetimer.com/topic/151000-s05e13-give-the-world-away/page/2/#findComment-8534369
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