Business Services Industry
Sec. 2632 prop. regs. on electing out of deemed GST allocations.(generation skipping tax)
Tax Adviser, The, November, 2004 by Leggiero, Heather J.
The Economic Growth and Tax Relief Reconciliation Act. of 2001 amended Sec. 2632 to allow for deemed allocations of certain lifetime transfers to generation-skipping transfer (GST) trusts. Proposed regulations issued on July 13, 2004 (REG-153841-02) address how to elect out of these deemed allocations.
Background
The deemed-allocation rules applicable to indirect skips were designed to simplify the process, by removing the affirmative election to allocate the GST tax exemption, especially in instances in which the allocation was intended to be made, but inadvertently omitted. For indirect skips made during life after 2000, the transferors GST tax allocation is automatically applied as of the date of the transfer (for transfers subject to an estate tax...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
Presented by American Express