Estates May be Given Choice Between 2009 & 2010 Estate Tax Law

In Estate Planning, Tax Planning by Daniel Friedel

Wall Street Journal, Estate Tax Choice May Be In Works For 2010 — Treasury Official, by Martin Vaughan:

The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official said.

Allowing those estates to elect 2009 law instead of the current rules is “one of the options on the table” in discussions between Congress and the administration of President Barack Obama, said Michael Mundaca, assistant secretary of the Treasury.