Calculating Estate Tax Liability: 2001 to 2011 and Beyond (CRS Report for Congress)
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| Release Date |
Revised May 7, 2008 |
| Report Number |
RL33718 |
| Report Type |
Report |
| Authors |
Nonna A. Noto, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
This report provides a basic explanation of how to calculate the federal estate tax liability for a taxable estate of any given size, using the schedule of graduated marginal tax rates and the applicable exclusion amount or the applicable credit amount for the year of death. The "applicable exclusion amount" is the amount of any decedent's taxable estate that is free from tax. It is known informally as the estate tax "exemption." The "applicable credit amount" or "unified credit" is the corresponding tax credit. It is equal to the tax that would be due on a taxable estate that is the size of the applicable exclusion amount.
