Treasury Working on Estate Tax Issues Without Action From Congress

Despite inaction from Congress with regard to the current sunset and looming sunrise of the estate tax, Catherine Hughes from Treasury's Office of Tax Legislative Counsel says that Treasury is working on issues that arise from the temporary absence of a gift tax in 2010.  If Congress does not enact legislation restoring the estate tax for 2010, among other issues, it is unclear how beneficiaries of people who die in 2010 will report and substantiate adjusted basis in property received from the decedent's estate.

See Sam Young, Tresury Thinking Through 2010 Estate Tax Quandaries, 2010 TNT 144-1 (July 27, 2010).

Posted by James G. Haskell, Associate Editor, Wealth Strategies Journal.