What does QFOBI stand for?

Qualified Family-Owned Business Interest (US IRS)

This definition appears very rarely and is found in the following Acronym Finder categories:

Military and Government

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Samples in periodicals archive:

The Tax Court recently held that a note does not constitute a qualified family-owned business interest (QFOBI) for purposes of IRC [section] 2057, which allows an estate to deduct up to $675,000 from its value for estate tax purposes.

All in the family?

The Qualified Family-Owned Business Interest provisions of the tax code provide for an additional estate-tax deduction, with the general effect that a business owner may pass to heirs $1.

Should husbands and wives jointly own the family business?

For qualified family-owned business interests, "if the value of stock or business interest is greater than 50 percent of the adjusted gross estate, the executive can shelter an additional $625,000 in calendar year 2000 under a particular code section," says Tracey Anderson, of counsel at May Oberfell & Lorber in South Bend.

Passing on the Business

3 million of value for a qualified family-owned business interest and the change in the unified credit as being of the most significance to his firm's clients, although he is quick to qualify the latter.

Views of the new tax act