Estate tax study.

• Author: Laffie, Lesli S.
• Position: AICPA Study on Reform of the Estate and Gift Tax System

After a year-long effort, the AICPA Tax Division has completed a Study on Reform of the Estate and Gift Tax System. The Study, developed by the Trust, Estate and Gift Tax Technical Resource Panel's Estate Tax Repeal Task Force, provides an overview of the arguments others have made both for and against the current transfer tax, a summary of the current system and a description of possible modifications and alternatives (including outright repeal). For each modification or alternative, there is an analysis of its impact on taxpayer behavior, complexity and compliance, liquidity, redistribution of wealth, tax and succession planning, revenue and transition issues, as well as a discussion of advantages, concerns, suggestions and conclusions for each modification and alternative.

This study confirms that significant reform of the U.S. transfer tax system is appropriate and should be...