Joint task force report on estate and gift tax reform available.

A joint task force report examining the changes to federal wealth transfer taxes, which were brought about by the Economic Growth and Tax Relief Reconciliation Act of 2001, is now available (www.cpa2biz.com/tax). Entitled Report on Reform of Federal Wealth Transfer Taxes and developed by the Task Force on Federal Wealth Transfer Taxes, it assesses--on the basis of simplicity, compliance, and consistency of enforcement--the temporary repeal of the estate and generation-skipping transfer taxes, the phase-out period, the continuation of the gift tax after repeal, the modified carryover basis rule and the alternatives to federal wealth transfer tax repeal. The report is designed to provide diverse views and perspectives; it also suggests options available to Congress, but does not make specific regulatory or legislative recommendations. Members of the task force include the AICPA, the American Bar Association's Section of Real Property, Probate and Trust Law and its Section of Taxation, the American College of Tax Counsel, the American College of Trust and Estate Counsel, the American Tax Policy Institute, and the American Bankers Association.