Business: Aid for Small Business

Up for the President's signature this week is a bill designed to give $260 million in tax relief to small businesses. After the President, as expected, signs it, small businesses can:

¶ Elect to be taxed as partnerships if they have less than ten stockholders; thus losses in small corporations can be charged against other personal income.

¶ Carry back losses three years instead of two.

¶ Accumulate $100,000 instead of $60,000 before incurring surtaxes,

¶ Pay estate taxes over ten years at 4% interest. Previously, some small, closely held corporations had to be sold because estate taxes fell in a single...

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