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inheritance tax

inheritance tax assessment made on the portion of an estate received by an individual; it differs from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and is determined by the amount of property received by the beneficiary, as well as by his or her relationship to the deceased. Strictly speaking, it is a tax on the right to receive the property; the estate tax can be characterized as a tax on the right to transmit the property. All states impose either an estate tax or an inheritance tax, some states employing both. A related federal levy is the gift tax, designed to prevent people from avoiding inheritance and estate taxes by giving away property before death.

In the United States, the federal government levied inheritance taxes during the Civil War period and again during the Spanish-American War; since 1916, however, a progressive estate tax has been imposed. The U.S. tax law of 1981 greatly reduced estate and gift taxes by raising exemptions (from $175,000 to $600,000) and lowering rates, and a 2001 law calls phase out the federal estate tax by 2012; estate taxes in 40 states that are based on the federal tax credit for state estate taxes would be phased out in 2006.

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	Charities avoid federal estate tax fray; nonprofits fear loss of donations but don't want to alienate patrons by voicing opposition.(Corporate Giving) Magazine article from: Arkansas Business; 7/3/2006; ; 700+ words ; ...CHANGING the federal estate tax has put charities...altering the estate tax. Jo Luck, president...Although the estate tax only hits the...monitoring the estate tax debate. Her group...Altering the estate tax, with its no...contend with estate ... Read more
	Future of federal estate tax up in heir: hurricanes, court vacancies delay congressional decisionmaking.(Wealth Management) Magazine article from: Arkansas Business; 11/7/2005; ; 700+ words ; ...had to pay the estate taxes, said Stanley...to repeal the estate tax. Other groups...country. The estate tax doesn't impact...supports keeping the estate tax in place. Fewer...subject to an estate tax. And only three...level at which estate ... Read more
	Will the Death Tax Buy the Farm?(estate tax reform) Magazine article from: California CPA; 8/1/2000; ; 700+ words ; ...children of estate tax reform, while...repeal of all estate taxes. No matter...subject to estate taxes, starting...to abolish estate tax, include recommendations...there is no estate tax and no income tax. If estate taxes are repealed... Read more
	'A Tax on the Uninformed': Most Estate Taxes Can Be Avoided.(Statistical Data Included) Magazine article from: Arkansas Business; 10/16/2000; ; 700+ words ; ...84-year-old estate tax remains firmly...who think the estate tax -- or death...much or all estate tax can be avoided...Revenue The estate tax has a long history...exempt from estate taxes. All those above...bill, calls the estate tax an ... Read more
	It will be back: permanent estate tax repeal rejected. (Estate Tax).(Statistical Data Included) Magazine article from: The Non-profit Times; 7/1/2002; ; 700+ words ; ...permanently repeal the estate tax has stirred the...of a permanent estate tax repeal assert...permanently repeal estate taxes. The House passed...legislation making the estate tax repeal permanent...including making the estate tax ?????repeal...debate ... Read more
	Fallen senator takes on 'death tax.'(Bob Packwood lobbies against estate taxes)(Cover Story)(Interview) Magazine article from: The Progressive; 8/1/1997; ; 700+ words ; ...abolish the federal estate tax. Sunrise Research...three Congresses, the estate tax will be repealed...the purpose of the estate tax when it was established...of money raised by estate taxes and gave it to the...annual revenue from the estate tax -- about ... Read more
	Estate of affairs. (Money: Buzz).(state estate tax)(Brief Article) Magazine article from: Entrepreneur; 4/1/2003; ; 228 words ; ...repealed the federal estate tax in 2001, entrepreneurs...decoupled from the federal estate tax repeal. In other words...not repeal their state estate taxes, tariffs most entrepreneurs...credit to their state estate tax. Now, however, small...will have to pay a state ... Read more
	First sanctions case: transfer of assets brings scrutiny. (The IRS).(nonprofit firms concerned over repeal of estate tax)(Brief Article) Magazine article from: The Non-profit Times; 7/1/2002; ; 700+ words ; ...permanently repeal the estate tax stirred the concerns...of a permanent estate tax repeal assert...permanently repeal estate taxes. The House passed...legisliation making the estate tax repeal permanent...reform approach. Estate taxes affect ... Read more
	Hurry up and die: favorable estate tax changes scheduled to disappear in 2011. Magazine article from: Arkansas Business; 3/22/2004; ; 700+ words ; ...before Jan. 1, 2011. Estate taxes are undergoing...the value of the estate tax transfer exemption...heirs. In 2010, the estate tax is repealed altogether...sunsets, and the estate taxes return to a maximum...have to change the estate tax law before ... Read more
	Beginning of the end for NY's estate tax. Magazine article from: Real Estate Weekly; 10/7/1998; 498 words ; ...stage in the elimination of New York's estate tax took effect October 1st. This landmark...gifts to their children, imposing its own estate tax on middle class families, and prohibiting...an end. Repealing New York's added-on estate tax is one of the smartest steps we can take...we ... Read more

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