Note: An Article Written By Justin P. Ransome, J.D., MBA, CPA, and Frances Schafer, J.D, in the AICPA, The Tax Advise on 9/1/13 and was reviewed, edited and posted by Harold Goedde Ph.D on TaxConnections Worldwide Tax Blogs.
The uncertainty about transfer-tax rates and exemption amounts that has plagued taxpayers and practitioners since 2001 was finally settled in 2013. On Jan. 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA [1]. For estate, gift, and generation-skipping transfer (GST) tax purposes it makes permanent the following: (a) certain income and transfer-tax provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) [2], (b) income tax provisions in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) [3], income and certain transfer-tax provisions in the Tax Relief,
(d) Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Act). [4]
In most instances the effective date of the act is Jan. 1, 2013. Read More
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