•Determine under what circumstances it would be advantageous to increase your debt by investing in real estate in order to take advantage of tax saving opportunities. Specifically, consider how either starting a business or going into the real estate business might fit into this strategy and explain the tax benefits of each strategy.
•Explore the tax consequences of selling inherited property and determine how the tax basis is calculated for profit or loss. In terms of transferring assets to family members, state how this action may impact your tax liability.