Background Materials on Federal Estate and Gift Taxation

additional tax ALI Project allowed American Law Institute amount apply assets beneficiary benefit bequests bracket capital gains tax charitable closely held business community property computing current law death taxes deathtime transfers decedent decedent's disclaimer distribution donor dual tax system effect election estate and gift estate tax rates exclusion executor fair market value Federal estate tax gift tax gross estate incident of ownership included transfer income tax increase lifetime gifts lifetime transfers limited ordinary income payable payment percent person power of appointment present law prior problem property passing property transferred qualify rate schedule result retained revenue Section skipping spouse's substitute tax surviving spouse tax at death tax paid tax purposes taxable estate taxable transfers taxation taxpayers termination tion trans transfer tax rate transferor transferred property transfers at death Treasury treated trust property unified tax unified transfer tax unlimited marital deduction wealth wife