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Federal Estate Tax Alert

October 19, 2010

A substantial group of leading Republican Senators has introduced a bill that would retroactively raise the federal estate tax applicable exclusion amount and generation skipping transfer tax(“GST”) exemption to $5 million, repeal the carryover basis rules, reunify the estate and gift tax exemptions, reduce the top estate and gift tax rate (and the sole GST tax rate) to 35%, permit a surviving spouse to take advantage of the unused applicable exclusion amount of the first spouse to die, and allow the executors of estates of decedents who die in 2010 to elect whether to be taxed under this new regime or under the present 2010 rules S. 3773, 111th Cong., 2d Sess. (Sept. 13, 2010)


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