IRS Releases Draft 2012 Estate Tax Return
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The IRS has released a draft 2012 Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return dated August 16, 2012. The changes to the return address portability of a deceased spouse’s unused gift and estate tax exemption and contingent claims that may not be immediately deductible under IRC Section 2053.
The current federal estate tax exemption is $5.12 million, but it will drop to $1million in 2013 unless Congress passes a new law prior to the end of the year.
