To: TheCPA
Only during that year? And no other? I thought it was being phased out over a ten-year period or something like that. If not true, thanks for the clarification.
123 posted on
04/16/2002 9:36:33 PM PDT by
DennisR
To: DennisR
The estate tax is being phased out through increases in the applicable exclusion amount (the amount of one's estate that is exempt from tax). The applicable exclusion amount is $1 million for 2002 and 2003; $1.5 million in 204 and 2005; and $2 million in 2006 through 2009. The estate tax is completely repealed only for decedents who die in 2010. In 2011, the estate tax is again applicable with an applicable exclusion amount of $1 million. All provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 expire at the end of 2010. That is why President Bush has been talking about making the tax cuts permanent.
125 posted on
04/16/2002 9:48:51 PM PDT by
TheCPA
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