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Future of federal estate tax up in heir: hurricanes, court vacancies delay congressional decisionmaking.(Wealth Management)
Arkansas Business
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November 7, 2005|
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COPYRIGHT 2005 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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WHEN ELDON REED died on July 22, the 79-year-old man left his son 1,000 acres of farmland in Lee County and nearly $600,000 in cash.
"It will take all the cash that he had to pay the estate taxes," said Stanley Reed of Marianna. "It's just to me very unfair to make death a taxable event."
Reed, 54 and president of the Arkansas Farm Bureau, has long pushed for the permanent repeal of the controversial state tax.
The issue was expected to be voted on in Congress before its August recess, but now it looks like a vote won't happen until next year.
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