'Repeal' of the Estate Tax

Brody, Lawrence
November 2001
Journal of Financial Planning;Nov2001, Vol. 14 Issue 11, p34
Academic Journal
The article focuses on the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the U.S. Generally, under present law, a gift tax is imposed on lifetime transfers and an estate tax is imposed on transfers made at death. The gift and estate taxes are unified to provide that a graduated rate of tax applies to cumulative taxable transfers made by an individual during his or her lifetime and at death. The unified tax rates begin at 18 percent and increase to 55 percent on cumulative taxable transfers over $5 million. The applicable exclusion amount (formerly the unified credit or exemption equivalent amount) effectively exempts up to $675,000 of property from estate and gift tax. Generally, gain or loss for income tax purposes on the disposition of property is measured by the difference between the amount realized (the sales price) and the seller's basis in the property (the cost). Property received from a donor by a lifetime gift takes the lesser of the donor's basis of the property transferred, or the fair market value at the time of the transfer (carryover basis), in the hands of the donee.


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