The amendments on estate taxes
were enacted with the end in view of enticing the heirs to declare the real value of their deceased kin's estate and to pay the proper estate tax.
The study showed that larger family farm estates, only about 5 percent of all family farm estates, account for 73 percent of total family farm estate taxes
Although most individuals do not have enough money to be concerned about federal gift and estate taxes
, minimizing gift taxes and estate taxes
is a primary financial goal for many millionaires and billionaires.
Delinquent estate taxpayers have a reason to celebrate following the third reading approval of a bill granting amnesty for unpaid estate taxes
and another bill simplifying the estate tax rate.
Should that occur, it might have ramifications for states with their own estate taxes
The truth is that federal estate taxes
have continued to become less of an issue for the majority of clients, as the individual estate tax exemption has grown to $5.
There is a unified lifetime exclusion amount for the gift and estate taxes
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.