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Estate and Gift Tax Law Changes Provide Planning Opportunities Broad and CasselCongress recently passed the Tax-payer Relief Act of 1997 which includes numerous changes in the tax laws including reductions in the rate of tax on long term capital gains to a maximum rate of 20%, individual retirement account enhancements, education tax breaks, and exclusion of gain on the sale of a principal residence up to a maximum of $500,000 on joint returns, among other tax payer relief provisions, together with some very significant changes in the estate and gift tax law. download free tax software, california state franchise tax board, 1099 tax form, 2001 tax forms, real estate taxes, federal income tax rates, income tax rates, irs audit, free online tax returns, ir repeater, california franchise tax board, irs tax returns, tax information, connecticut tax forms, earned income tax credit calculator, free electronic tax filing, maryland department of assessments taxation, state tax forms, tax sales, government tax sales, adoption tax credit, pennsylvania sales tax, complete tax Oklahoma tax forms. The changes in the estate and gift tax laws will afford taxpayers many opportunities to lessen the gift and estate tax burden placed upon their appreciating assets. The following are highlights of the estate and gift tax law changes under the Taxpayer Relief Act of 1997:Increase in Unified CreditAt present, a unified estate and gift tax credit of $192,800 exempts the first $600,000 of cumulative transfers. Beginning in 1998, the effective exemption is gradually increasing until it reaches $1,000,000 in 2006. download free tax software, california state franchise tax board, 1099 tax form, 2001 tax forms, real estate taxes, federal income tax rates, income tax rates, irs audit, free online tax returns, ir repeater, california franchise tax board, irs tax returns, tax information, connecticut tax forms, earned income tax credit calculator, free electronic tax filing, maryland department of assessments taxation, state tax forms, tax sales, government tax sales, adoption tax credit, pennsylvania sales tax, complete tax State income tax tables. The unified credit will provide an effective exemption of $625,000 for decedents dying and gifts made in 1998; $650,000 in 1999; $675,00 in 2000 and 2001; $700,000 in 2002 and 2003; $850,000 in 2004; $950,000 in 2005; and $1,000,000 in 2006. Transfer Tax IndexingAfter 1998, the $10,000 annual gift tax exclusion, the $750,000 ceiling on special use valuation, the $1,000,000 generation- skipping transfer tax exemption and the $1,000,000 ceiling on the value of closely held businesses eligible for the special lower interest rate will be annually indexed for inflation. However, there is no provision for indexing the effective unified credit after it raises to $1,000,000 in the year 2006. download free tax software, california state franchise tax board, 1099 tax form, 2001 tax forms, real estate taxes, federal income tax rates, income tax rates, irs audit, free online tax returns, ir repeater, california franchise tax board, irs tax returns, tax information, connecticut tax forms, earned income tax credit calculator, free electronic tax filing, maryland department of assessments taxation, state tax forms, tax sales, government tax sales, adoption tax credit, pennsylvania sales tax, complete tax Complete tax. Estate Tax Exclusion for Qualified Family Owned BusinessGenerally, if an individual dies after 1997 and more than 50% of his or her estate consists of qualified family owned business interests, the personal representative may elect to exclude up to $675,000 in value of the interests from the individualbs gross estate. However, this maximum exclusion is reduced each year because the exclusion may not exceed the excess of $1,300,000 over the unified credit exemption equivalent. Therefore, an electing estate is limited to a total of $1,300,000 of exemption by use of the unified credit and the exclusion for qualified family owned business interests. Installment Payments of Estate Tax on Closely Held BusinessA decedentbs estate can generally elect to pay estate tax attributable to a closely held business interest in installments over a maximum period of 14 years. If the election is made, the estate would pay interest only for the first 4 years and then 10 annual installments of principal and interest. A special 4% interest rate would apply to the first $1,000,000 in the value of the closely held business interests. For individuals dying after 1997, a special 2% rate applies for the deferred estate tax attributable to the first $1,000,000 in taxable value held of the closely held business interests ($1,000,000 in value of the closely held business interests above the effective exemption provided by the unified credit). This is extremely beneficial for a decedentbs estate compared to the prior law which effectively provided a 4% interest rate for only $400,000 of taxable value of the closely held business interests.
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