Still No Action on the Estate Tax
It's tough writing a blog about something that is in limbo. People are talking, others are complaining, but there's still no real developments.
As it still stands, there is no estate tax in 2010, and there is a modified carryover basis rule, as opposed to step up in basis. The estate tax is scheduled to come back in 2011, with a $1 million exemption and a 55% rate. The longer this goes on, the less likely it will be that there will be a retroactive fix (in fact, I'm almost sure that there won't be).
Good job there, Congress.
