In fact, most states collected their portion of estate taxes
through the federal estate tax return, which reported the "state estate death tax credit.
The Economic Growth & Reconciliation Act of 2001 was passed by Congress as a method to gradually reduce estate taxes
3) Prior to that time, Illinois was peaceably engaged in a form of revenue sharing with the federal government, whereby Illinois estate taxes
were based on the state death credit (the "2011 credit" computed under section 2011 of the Internal revenue Code ("Code")).
The federal estate tax has been around since 1916, after making brief appearances in the 19th century to raise emergency revenue In 1976, the gift and estate taxes
were unified, and the generation-skipping transfer (CSF) tax--which taxes lifetime and at-death transfers to people more than one generation away from you (for example, a grandchild)--was introduced.
According to the just-released Studley Effective Rent Index (SERI) covering midtown and downtown, midtown's spike in rental rates is due to a number of real estate components impacting pricing, namely higher real estate taxes
, operating expenses and electricity costs, not to mention supply and demand.
IRC section 216, however, allows tenant-stockholders to deduct a proportionate share of real estate taxes
paid by a cooperative housing corporation (coop).
to pay for the back surgery of the decedent's nurse; the decedent's funeral and estate administration expenses, debts, nursing services before the decedent died, a specific bequest under the decedent's will; and estate taxes
of approximately $3 million).
On their 2001 joint return, they deducted their proportionate share ($10,489) of the housing corporation's real estate taxes
from their adjusted gross income.
No one knows what the future holds for estate taxes
in the United States, but that uncertainty didn't stop insurers last year from dramatically increasing their sales of survivorship life products, the kind of insurance best suited for estate planning.
My children might have to break up the tree farm or sell off timber to pay the estate taxes
when I die.
5 million in 2009, then climinates estate taxes
altogether in 2010 only to return them in 2011 to the 2001 levels--a 55 percent tax rate and $1 million exemption.
The credit for prior transfers allows the personal representative to claim a credit against the decedent's federal estate tax liability for federal estate taxes
which were paid in another estate in which the current decedent was a beneficiary.