Other Exemptions: If qualified family-owned business interests make up more than 50 percent of your taxable estate, you may benefit from a special provision that can increase your total exemption.
What does QFOBI stand for?
QFOBI stands for Qualified Family-Owned Business Interest (US IRS)
This definition appears somewhat frequently and is found in the following Acronym Finder categories:
- Military and Government
- Quad Flat No-Lead
- Quebec Freedom Network (Canada)
- Queen Fan Newsletter (rock band)
- Quicken Financial Network (software)
- Quaker Foods North America
- Quad Flat Non-Leaded Package
- Qualified Food Operator
- Quasi-Featureless Objects (astronomy)
- Queensland Fertilizer Operation (Australia)
- Qualified Family-Owned Business Interest Deduction
- Qantas Founders Outback Museum (Longreach, Queensland, Australia)
- Quad Flat Pack
- Qualified Financial Planner
- Quality Food Products
- Quebec French Canadian Founder Population (genome research)
- Questions Fréquemment Posées (French: Frequently Asked Questions)
- Quoted for Permanency (forums)
- Quebec Federation of Parents' Committees (Canada)
- quantitative fluorescence polymerase chain reaction
- Qualified Film Producers List
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.
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.
11) If a qualified heir fails to materially participate in the business, or the qualified family-owned business interest is disposed of during the 113-year period following the decedent's death, a recapture tax is imposed under Sec.
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.