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Estate tax study.

After a year-long effort, the AICPA Tax Division has completed a Study on Reform of the Estate and Gift Tax System. The Study, developed by the Trust, Estate and Gift Tax Technical Resource Panel's Estate Tax Repeal Task Force, provides an overview of the arguments others have made both for and against the current transfer tax, a summary of the current system and a description of possible modifications and alternatives (including outright repeal). For each modification or alternative, there is an analysis of its impact on taxpayer behavior, complexity and compliance, liquidity, redistribution of wealth, tax and succession planning, revenue and transition issues, as well as a discussion of advantages, concerns, suggestions and conclusions for each modification and alternative.

This study confirms that significant reform of the U.S. transfer tax system is appropriate and should be undertaken as quickly as possible. The study identified a number of significant issues and makes substantive suggestions that the AICPA hopes legislators will consider in crafting proposals.

The Study offers suggestions on each of the alternatives not as a matter of ideology or social policy, but as a result of the AICPA's collective judgment as to the best way to achieve simplicity, reduce taxpayer compliance burdens, improve ease of administration and address revenue considerations for the overall tax system.

The Study, including an executive summary, is available on the AICPA website at div/tax/index.htm; see also DC Currents, p. 333, this issue.
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Title Annotation:AICPA Study on Reform of the Estate and Gift Tax System
Author:Laffie, Lesli S.
Publication:The Tax Adviser
Geographic Code:1USA
Date:May 1, 2001
Previous Article:"Homemade" income tax forms may constitute valid returns.
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