The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of 1986. Before this law, high-income parents and other family members could divert some investment income and gains to younger family members, who could then pay federal income taxes at lower rates.
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With 2024 right around the corner, your shareholders might be thinking about year-end bonuses or...