Appreciation in the value of these asset classes would have likely increased the number of decedents with total gross estates
Estates with gross estates
in excess of $20 million still paid a significant tax in 1995 (12.
The method of computing estate taxes on an NRA'S gross estate
is basically the same as that for a U.
In 2004, an estimated 42,239 individuals died with gross estates
above the estate tax exemption amount of $1.
and established domicile, all of their assets, no matter where located, will be includible in their Federal gross estates
Figure K shows the real value of closely held corporations and unincorporated business assets reported on estate tax returns with total gross estates
of at least $1 million, in constant 2004 dollars, between 1989 and 2004.
Although IRD items are fully includible in the decedent's gross estate
, they receive no basis adjustment; instead, the decedent's basis carries over to the IRD recipient, who must pay income tax when the income is recognized.
Some differences by size of gross estate
2032A, since qualified use assets did not meet the 50% of adjusted gross estate
In addition, the total gross estate
in the United States of those who filed increased from approximately $50.
This article proposes a limited exclusion for insurance proceeds from the gross estate
, affording the taxpayers the benefit without the burden.
Consequently, the unrestricted power to remove one corporate trustee and appoint another would not cause the trust corpus to be includible in the daughter's or the grandchildren's gross estates
Since the contributors described in this article were members of the larger estate tax decedent population, fully understanding the subset of contributors requires an examination of the wealthy estate tax decedent population as a whole, which included 78,023 individuals who died in 1995 with gross estates
at or above the estate tax filing threshold of $600,000.
As perhaps expected, returns filed with very large gross estates
had a relatively high rate of audit coverage.
In accordance with IRS rules and to substantiate reported values of total gross estate
, tax preparers must supply inventories of decedents' asset portfolios on Federal estate tax returns.