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Federal Estate, Gift, and Generation-Skipping Transfer Taxes: Modification, Phase Out and Repeal Under the Economic Growth and Tax Relief Reconciliation Act of 2001 (CRS Report for Congress)

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Release Date Aug. 14, 2001
Report Number RS20989
Report Type Report
Authors John R. Luckey, American Law Division
Source Agency Congressional Research Service
Summary:

Title V of the Economic Growth and Tax Relief Reconciliation Act of 2001 generally amends the Internal Revenue Code to repeal the federal estate and generation-skipping transfer taxes at the end of the year 2009, provide for the phase out of these taxes over the period 2002 to 2009, lower and modify the gift tax, provide new income tax carry-over basis rules for property received from a decedent, and make other general amendments which will be applicable in the phase out period.