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Abstract

The Internal Revenue Service, with the issuance of proposed regulations on April 22, 2007,1 took the first step toward resolving a long-running dispute in authority on the extent to which post-death events are to be considered in the computation of the amounts deductible for federal estate tax purposes.2 The issuance of the regulations was surprising in light of the fact that repeal of the federal estate tax is just over 30 months away, and would be effective for deaths after December 31, 2009,3 although the repeal is subject to a “sunset” provision for decedents dying, gifts made and generation-skipping transfers after December 31, 2010.4 Moreover, few now believe the federal estate tax will be repealed at the end of 2009 with many betting that the provisions applicable in 2009 will be continued indefinitely by Congressional action this year or next year.

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