Estate and Gift Quote of the Day

"Fat hogs get slaughtered"

Translation: Taxpayers who think the IRS doesn't notice all those interest-free loans to family, or the multiple years of unreported gifts should remember that for every 1000 income tax returns audited, the IRS makes an average of $16,000.

However, for every 25 estate tax returns audited, the IRS averages $40,000.

While New Mexico is not really considered “hog” country and thus the metaphor required some explanation, apparently my professor originally hails from Iowa.