If person dies in 2004, and estate distributions are made in 2007 and 2008, which year is the estate tax rate applied to?
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Estate Taxes
May 18, 2008
1 Replies
You seem to be talking about two DIFFERENT taxes here. ESTATE tax, if applicable, is assessed on the taxable estate - based on the exemption and tax rates in effect in the year of death.
Estate INCOME tax is assessed on the taxable portion of each distribution (the income) distributed in 2007 or 2008. Use the appropriate tax rates in effect in each year.
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