Glutathione S-transferases (GSTs), also known as the glutathione transferases, comprise a large and diverse family of enzymes with a wide phylogenetic distribution.
Due to the crucial role GSTs play in detoxication of multiple compounds, especially xenobiotics, and their extensive distribution in almost every species, various investigators have focused on their purification, characterization and expression in plants and mammals.
First enacted in 1976, the GST tax was repealed retroactive to 1976 by the Tax Reform Act of 1986 (TRA '86).
The GST tax generally applies to transfers made after Oct.
The first part of this two-part article, below, examines recent developments in estate, gift and generation-skipping transfer (GST) tax planning.
* Clarified that the QFOBI deduction is not available for GST tax purposes.
691(c)(3) was amended in 1986 to provide a comparable income tax deduction for the portion of the GST tax imposed on a taxable termination or a direct skip, occurring as a result of the transferor's death, attributable to IRD.
164(a)(5), also enacted as part of the TRA, permits an income tax deduction for the GST tax imposed on an income distribution to a skip person - unless the distribution is subject to the "throwback" rules of Sec.
The former President of India, Shri Pranab Mukherjee, rightly said in his GST
speech in the mid-night of 31 July that "the new era in taxation is the result of a broad consensus arrived at between Centre and States".
The report's central concern is to assess--on the basis of simplicity, compliance and consistency of enforcement--the temporary repeal of the estate and GST
taxes, the phaseout period, the continuation of die gift tax after repeal, Sec.
Schedule A has been overhauled to accommodate the deemed (automatic) allocation of GST
exemption rules applicable to lifetime indirect skips.
tax is set at the highest Federal estate tax rate (55%).