HOUSE FAILS TO OVERRIDE PRESIDENTIAL VETO.Last month, the U.S. House of Representatives failed to override An arrangement whereby commissions are made by sales managers based upon the sales made by their subordinate sales representatives. A term found in an agreement between a real estate agent and a property owner whereby the agent keeps the right to receive a commission for the sale of President Clinton's veto of the Death Tax Elimination Act, which called for estate tax repeal. The attempt fell 14 votes short of the necessary two-thirds majority. Only one Republican opposed the bill, while 53 Democrats joined 220 Republicans in their efforts."I'm pleased that the House decided not to override the veto," says estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the attorney Keith Schiller, of Walnut Creek-based Schofield and Schiller. "The proposal which included the elimination of estate tax and step-up in basis Step-Up In Basis The readjustment of the value of an appreciated asset for tax purposes upon inheritance. With a step-up in basis, the value of the asset is determined to be the higher market value of the asset at the time of inheritance, not the value at which the original party (with a modest allowance exception) was irresponsible legislation for a vast majority of Americans--in particular California residents who have enjoyed tremendous untaxed Adj. 1. untaxed - (of goods or funds) not taxed; "tax-exempt bonds"; "an untaxed expense account" tax-exempt, tax-free nontaxable, exempt - (of goods or funds) not subject to taxation; "the funds of nonprofit organizations are nontaxable"; "income exempt appreciation and growth in their asset value." Estate tax is an issue in this year's presidential race, with Bush supporting outright repeal and Gore in favor of reform. "If the Republicans prevail and there is not reform, we will see a renewal of the effort to eliminate estate tax and step-up in basis," says Schiller. "While the complexity of today's estate tax laws allows CPAS CPAS Corrective and Preventative Action System CPAS Centre for the Public Awareness of Science (Australia) CPAS National Centre for the Public Awareness of Science (Australian National University, Canberra) , attorneys, insurance agents and charities to make money, it's in everyone's best interest to have the system simplified. Hopefully, Congress and the president will compromise and use this opportunity to enact estate tax reform and simplification." |
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