As was expected, the House on Thursday, (12/16) passed the hotly debated Tax Relief Act by the vote of 277-148. The bill has conditions that will cover the estate tax, expiring tax cuts, expired tax provisions and an AMT patch.
The bill temporarily reinstates the estate tax, with an estate tax rate of 35% and an estate tax exemption of $5 million (adjusted for inflation after 2011). TSCPA sent letters to all Texas member of Congress in February 2010, asking them to deal with the estate tax legislation.
Learn more
http://www.journalofaccountancy.com/Web/20103669.htm
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