Estate and Gift Taxes: Economic Issues

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Description

The unified estate and gift tax is levied on the transfer of assets that occurs when someone dies or gives a gift. Filing an estate tax return can be difficult depending on the value and complexity of the estate. The purpose here is to outline the mechanics of the estate and gift tax. The first section begins with a brief review of the general rules accompanied with a numerical example. There are some minor provisions of the law that are not discussed here, however, such as the phase out of the graduated rates and the credit for taxes on property ... continued below

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31 Pages.

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Marples, Donald J. & Gravelle, Jane G. March 19, 2008.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 13 times . More information about this report can be viewed below.

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Description

The unified estate and gift tax is levied on the transfer of assets that occurs when someone dies or gives a gift. Filing an estate tax return can be difficult depending on the value and complexity of the estate. The purpose here is to outline the mechanics of the estate and gift tax. The first section begins with a brief review of the general rules accompanied with a numerical example. There are some minor provisions of the law that are not discussed here, however, such as the phase out of the graduated rates and the credit for taxes on property recently transferred. The second section summarizes the special rules for farms and small businesses. And, the final section briefly describes the generation skipping transfer tax. The appendix of this report provides detailed data from returns filed in 2005, the latest year for which data are available.

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31 Pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • March 19, 2008

Added to The UNT Digital Library

  • March 19, 2016, 1:57 p.m.

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  • July 28, 2016, 12:15 p.m.

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Marples, Donald J. & Gravelle, Jane G. Estate and Gift Taxes: Economic Issues, report, March 19, 2008; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc822403/: accessed September 21, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.