Legislative prospects after the 1996 elections

Article Abstract:

Transfer tax laws are unlikely to be significantly revised in 1997 because the tax reform debate diminished soon after the 1996 presidential election. However, a credit invoice value-added tax or similar consumption tax could be adopted. Income tax reforms can have unintended negative effects on transfer tax rules and estate planning. The potential impact of the proposed USA Tax or the flat tax on transfer taxes is analyzed as an example of the ways in which planning for these taxes might be affected.

Forecasts and trends, Transfer taxes, Value-added tax, Consumption taxes

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Menus of legislative and administrative actions taking shape

Article Abstract:

The 105th Congress is expected to produce considerable tax legislation. As of late March, 1997, Congress was divided over President Bill Clinton's budget proposal and House Speaker Newt Gingrich's influence had declined. Estate planners may be affected by several Clinton Administration proposals, including the availability of tax credit for higher education expenses, expanded opportunities to withdraw from retirement accounts, limitations on "equity swaps," and less flexibility toward stocks.

Political activity, Budget, Budgeting, Budgets, Political aspects, United States. Congress

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Tax law changes under the 1998 'IRS restructuring' flag

Article Abstract:

Several provisions of the Taxpayer Relief Act of 1997 relevant to estate planning were improved through technical corrections and substantive adjustments made by the IRS Restructuring and Reform Act of 1998. Substantive changes were made to the family-owned business exclusion of IRC section 2033A with its redesignation as a deduction in section 2057. Other changes include the gift tax valuation statute of limitations and generation-skipping tax exemption indexing.

Evaluation, Taxation, Family-owned business enterprises, Family-owned businesses

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