ABA Sections Outline Options for Tax Reform in Estate Tax Arena

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The ABA tax and real property sections outline 10 options for tax reform in the estate, gift, and generation-skipping transfer tax arena, including changes that should be made to the portability rules, the need to modernize the statute to apply consistent treatment for estates owning significant interest in closely held businesses, and recommendations on valuation of interests in closely held entities. In a letter to lawmakers, the tax sections tick off issues that chairmen and ranking members of the House and Senate tax-writing committees need to resolve, or at least consider, in relation a Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act “portability” provision allowing a deceased spouse's unused estate tax exclusion amount to pass to his or her surviving spouse.