But, there are a number of closing taxes, including documentary stamps and intangible taxes
These obligations are numerous and include returns for income, estate, generation-skipping, gift and intangible taxes.
67) Thus, it is not applicable to Florida estate taxes, the estate's intangible taxes, and any post-death underpayment of property taxes (due to a failure to remove a homestead property tax exemption).
32] The Florida Department of Revenue has determined that an interest in an LLC is subject to state intangible taxes.
33] Although the Florida Department of Revenue has not promulgated any formal opinion or statement as to the imposition of intangible taxes against a member's interest in a limited liability company, Nadine Posie and Joe Parimore of the Florida Department of Revenue have orally confirmed the position of the Florida Department of Revenue on this issue.
Unless the law is changed in this area, the IITT concept will continue to be the most effective way in which to avoid intangible taxes
while retaining flexibility in the composition of an investment portfolio.