Additional Estate and Gift Tax Issues: Hearings Before the Subcommittee on Estate and Gift Taxation of the Committee on Finance, United States Senate, Ninety-seventh Congress, First Session on S. 649, S. 851, S. 852, S. 1430, S. 1487, S. 1695, S. 1733, and S. 1734, November 4, 10, and 18, 1981
U.S. Government Printing Office, 1982 - Gifts - 555 pages
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Page 283 - ... a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property...
Page 17 - ... (35 percent of the gross estate or 50 percent of the taxable estate).
Page 97 - Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust shall be considered as being owned proportionately by its shareholders, partners, or beneficiaries.
Page 222 - Under your committee's bill, the tax would be substantially equivalent to the estate or gift tax which would have been imposed if the property had actually been transferred outright to each generation. This is achieved by adding the amount subject to tax as a result of the generation-skipping transfer to the other taxable transfers of the "deemed transferor.
Page 14 - For purposes of this section, the term "adjusted gross estate" means the value of the gross estate reduced by the sum of the amounts allowable as a deduction under section 2053 or 2054. Such sum shall be determined on the basis of the facts and circumstances in existence on the date (including extensions) for filing the return of tax imposed by section 2001 (or, If earlier, the date on which such return is filed).
Page 96 - An individual shall be considered as owning the stock owned, directly or indirectly, by or for his family or by or for his partner.
Page 83 - For the joint production, extraction, or use of property, but not for the purpose of selling services or property produced or extracted, if the Income of the members of the organization may be adequately determined without the computation of partnership taxable Income.
Page 9 - ... grantor of the trust. The generation-skipping transfer tax is not imposed in the case of outright transfers to younger generation heirs or to a trust if the benefits are not split between two or more younger generations. Thus, no generation-skipping transfer tax is imposed upon a "generatorjumping" or "layering" transfer directly to the grantor's grandchildren or other lower generation heirs. In addition, the tax is not imposed if the younger generation heir has (1) nothing more than a right...
Page 11 - If, within 15 years after the death of the decedent (but before the death of the qualified heir), the property is disposed of to nonfamily members or ceases to be used for farming or other closely held business purposes, all or a portion of the Federal estate tax benefits obtained by virtue of the reduced valuation will be recaptured by means of a special "additional estate tax" imposed on the qualified heir.