It has been suggested that the Bill as passed by the House, will not become law by year end. Instead, legislation to avoid elimination of the estate, gift, and GST tax and adjustment to basis will be enacted during 2010 which will be retroactive to January 1,2010. John Buckley, Chief Tax Counsel of the House Ways and Means Committee, stated that Congress could not change the repeal retroactively. Will the Senate pass a Bill by year end for a one year extension of the current law? Stay tuned…………only 17 days left!
I’m not easily impressed. . . but that’s irmpseisng me!