The ABA Tax Section and the New York State Bar Association Tax Section have published reports on how to improve the current estate and gift tax provisions. The ABA submitted their report to the to the Senate House Ways & Means Committee. Some of the categories included in the ABA report include: the need for predictability in the Federal tax system, marital deductions and charitable contributions, valuation of interests in closely held entities, and the generation-skipping transfer tax provisions.
The ABA report can be found here.
The New York State Bar report can be found here.
See "ABA, NYSBA Propose Estate & Gift Tax Reforms," TaxProf Blog (April 7, 2012).
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal.