Estate and Gift Taxes: Economic Issues (CRS Report for Congress)
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| Release Date |
Revised Dec. 4, 2009 |
| Report Number |
RL30600 |
| Report Type |
Report |
| Authors |
Donald J. Marples, Specialist in Public Finance; Jane G. Gravelle, Senior Specialist in Economic Policy |
| Source Agency |
Congressional Research Service |
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Summary:
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.
