2nd term project

2nd term project - Chien Chiu Hsiung BUSN 2300 May 9 2011...

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Chien Chiu Hsiung BUSN 2300 May 9, 2011 Term Project: Estate and Gift Tax Provisions of the Tax Extension Act Since Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on December 17, 2010 important changes have been made on how much taxes we have to pay. Some of the most important changes to the federal estate, gift and generation-skipping transfer tax laws include: 1. Changes in the amount people can be exempt of federal state tax. In 2009, the first $3.5 million of an estate could be passed on tax free. In 2010, before the new law was passed, there was no federal estate tax. If lawmakers did not pass the new law, the federal estate tax would have returned in 2011, estates of over $1 million could be taxed at the rates as high as 55% (546). However, the new law states that the estate tax exemption will increase to $5 million with a 35% estate tax for people who die in 2011 and 2012. When the law expires in 2012, the estate tax exemption will return to $1 million with estate tax rate of 55%. 2. Gift taxes
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2nd term project - Chien Chiu Hsiung BUSN 2300 May 9 2011...

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