On Dec. 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act. Among other provisions, the Tax Relief Act modified and extended the estate tax provisions of 2010 through Dec. 31, 2012 only, resulting in a retroactive reinstatement of the U.S. estate tax for deaths that occurred in 2010.
For beneficiaries of decedents in 2010, U.S. Congress provided two systems of taxing estates and determining basis of their assets: the decedent’s beneficiaries will have the choice of either applying the federal estate tax or making use of the “modified carryover basis regime.” Read the rest of this entry »
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