At the beginning of this year, Congress passed a tax act that extended many of the Bush tax cuts that expired at the end of 2012. But as many practitioners know, the devil is in the details – in this case, the exact statutory language. For example, it took ten years for many to understand that EGTRRA’s one-year repeal of the GST tax in 2010 did not mean that 2010 transfers were forever exempt from GST taxes. When the 2010 tax act passed, I prepared a “translation” of its transfer tax provisions into language more easily understood by tax professionals. Earlier this year, I did the same for the transfer tax provisions of the American Taxpayer Relief Act of 2012 (which was actually enacted in 2013). You can download it here. A word of caution, however. These translations are not designed to be particularly user-friendly for laypersons. They’re designed for someone who already has a fairly healthy working knowledge of the current transfer tax system.
Congress Makes a New Year’s Resolution!