A decade of uncertainty over gift, estate taxes ends

  • Article by: PAUL SULLIVAN , New York Times
  • Updated: January 12, 2013 - 9:16 PM

For all but the very richest Americans, the federal estate tax has been eliminated.

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hoser212Jan. 16, 13 3:19 PM

The author is incorrect in that property (land or stock) when transferred (either as a one-time gift or as part of an estate) are transferred with their asset value of the date of transfer (commonly known as trued-up). No federal capital gains taxes would be due as a result of transfer regardless of whether or not the American Taxpayer Relief Act was passed. Congress has long believed that it should not be the responsibility of the gift receipent or the inheritor(s) of the estate to determine the original value paid for property which is why this became law.

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