Marital deduction planning after the Tax reform act of 1976.
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Marital deduction planning after the Tax reform act of 1976. by Massachusetts Continuing Legal Education-New England Law Institute, inc.

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Published by Massachusetts Continuing Legal Education-New England Law Institute in Springfield .
Written in English

Subjects:

Places:

  • United States.

Subjects:

  • Marital deduction -- Law and legislation -- United States.

Book details:

Edition Notes

Includes bibliographical references.

Classifications
LC ClassificationsKF6590 .M37
The Physical Object
Paginationxvi, 122 p. ;
Number of Pages122
ID Numbers
Open LibraryOL4758411M
LC Control Number78104883

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as the marital deduction was designed only to achieve parity between common law and community property states, no marital deduction was allowed for an estate consisting solely of community property. The Tax Reform Act of engrafted a second concept onto the marital deduction: for decedents dying after Decem, a marital. Public Law 94th Congress: Tax Reform Act of United States. Increase in limitations on marital deductions fractional Interests of spouse. Public Law 94th Congress: Tax reform act of United States Full view - Common terms and phrases. See I.R.C. § (marital deduction). For a discussion of the Act's effect on mar-ital deductions, see in this issue, Piper and Fremont-Smith, Principles for Effective Use of Marital Deductions, p. , supra. "Trust equivalents" include life estates, estates for years, insurance or annuity op-tions, or other interest-splitting arrangements. Full text of "General explanation of the Tax reform act of (H.R. , 94th Congress, Public law )" See other formats.

times, until the Economic Recovery Tax Act of (ERTA, Public Law ) provided an unlimited deduction for both lifetime and testamentary gifts to spouses. The marital deduction today recognizes both spouses’ contribution to the family’s assets. Wills written before that contain a marital deduction clause based on pre-ERTA law shouldFile Size: 61KB. Marital Deduction Definition. A marital deduction is a deduction reducing the value of what is taxable for gift and estate tax purposes. It allows an individual to transfer some assets to his or her spouse estate and gift tax free. The IRS allows an individual to leave any amount of assets to his or her U.S. citizen spouse without taxation. The marital deduction is a valuable and flexible estate planning tool, but should not be overused. The deduction can be combined with other tools to maximize the after-tax amount left to heirs and to ensure the heirs eventually receive the wealth. Gift taxes paid on post gifts are generally allowed as a credit against the tentative estate tax. True. For the rst $3,, of the taxable estate is generally tax-free due to the allowance of a $1,, tax credit.

  The unlimited marital deduction is a provision in the United States Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to his or her spouse at any time, including at the death of the transferor, free from : Julia Kagan.   90 STAT. PUBLIC LAW —OCT. 4, Public Law 94th Congress An Act Oct. 4, To reform the tax laws of the United States. [H.R. ] Be it enacted hy the Senate and House of Representatives of the Tax Reform United States of America in Congress assembled, Act of Full Citation. Stanley M. Johanson, Marital Deduction Planning After the Tax Reform Act, in Estate Planning After the Tax Reform Act of (Austin: State Bar of Texas, Professional Development Program, ). Details Publication Date Log In. Contact Texas Law Texas Law. East Dean Keeton St. Austin, Texas Implications of the Tax Reform Act of for Farm Estate Planning Clint E. Roush, Harry P. Mapp and Cecil D. Maynard An intergeneration transfer simulation model is used to project estate transfer costs and the value of transfers to the heirs before and after the tax reform act of Lower.