The 1976 Tax Reform Act made many changes in the taxation of estate and gift transfers. Previously gifts and estates were taxed separately and the gift tax rate was 75 percent of the estate tax rate; and there was a $30,000 exemption for gifts and a $60,000 exemption for estate transfers. Under the new law the exemptions were repealed and replaced with a unified credit against the tax; and the tax on estate and gift transfers was combined into one increasing rate schedule. Under the prior law, deathbed gifts were advantageous because the gift tax paid on the transfer was excluded from the taxable estate but was allowed as a credit against the estate tax since gifts within three years of the date of death were included in the gross estate unless the estate could demonstrate that the gifts were not made in contemplation of death. Under the new law, gift taxes paid on transfers which occur within three years of the date of death are included in the taxable estate.
| Identifer | oai:union.ndltd.org:unt.edu/info:ark/67531/metadc331334 |
| Date | 12 1900 |
| Creators | Byars, Richard B. |
| Contributors | Anderson, Hershel M., Christy, George A., Giese, James W. |
| Publisher | North Texas State University |
| Source Sets | University of North Texas |
| Language | English |
| Detected Language | English |
| Type | Thesis or Dissertation |
| Format | iv, 88 leaves, Text |
| Coverage | United States |
| Rights | Public, Byars, Richard B., Copyright, Copyright is held by the author, unless otherwise noted. All rights reserved. |
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