TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, January 28, 2011

No Clawback on 2011-12 Gifts

Accounting Today, No Clawback on Estate Taxes, Say Experts:

The recent extension of the estate tax at a 35% rate will not result in a "claw back" tax obligation for people who make gifts in 2011 and 2012 that exceed their post 2012 estate tax exemption allowance, according to a trio of tax experts.

In a new BNA Tax & Accounting webinar that will be held on Feb. 10, 2011, Estate Tax Changes, noted tax authors and commentators Jerry Hesch [Adjunct Professor, University of Miami School of Law], Alan Gassman [Gassman, Bates & Associates, Clearwater, FL], and Christopher Denicolo [Gassman, Bates & Associates, Clearwater, FL] will present analysis concluding that the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 does not cause this type of "claw back" tax obligation. “Their analysis comes at a time when many commentators have speculated that a reduction in the estate tax allowance for 2013 could cause "retroactive gift tax liability for deaths after 2012,” said BNA Tax & Accounting managing editor Harry Pskowski.

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