Wealth migration from New York measured by K-1s
A friend of a friend runs a real estate business in Manhattan: “We have 18 limited partners,” he said. “Ten years ago, we mailed 18 K-1s to New York addresses. This year it was 0.” Where did the rich limiteds migrate to? “Two went overseas, one to Switzerland. Most of the rest went to states with no income tax. Florida, South Dakota.”
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