But, there are a number of closing taxes, including documentary stamps and intangible taxes
. Make sure you budget for these.
These obligations are numerous and include returns for income, estate, generation-skipping, gift and intangible taxes
. A failure to file these tax returns and to pay these taxes could result in the PR being personally liable to the Internal Revenue Service or to the Florida Department of Revenue for any unpaid taxes, penalties, and interest.
 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.