Capital Gains

As discussed in a previous article, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended through 2012 most of the so-called “Bush era tax cuts,” which were originally contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). For decedents dying in 2011 or 2012, the 2010 act increases the unified exemption for estate tax purposes to $5 million and reduces the top estate tax rate to 35 percent.