When the Dust Settles 2010When the Dust Settles 2010

Sharon L. Klein

Attention in 2010 has primarily been focused on the extraordinary state of affairs on the federal level — the lapse of the federal estate and generation-skipping transfer (GST) tax regimes. Meanwhile, at the state level, many state taxation regimes are entwined with federal tax concepts. Accordingly, uncertainty at the federal level has had a significant and sometimes unintended ripple effect on the state level. If when all the dust settles, we're left with periods in 2010 when the federal estate tax and GST regimes lapsed, many state level problems will persist even after the federal landscape is clarified.

Double State Tax Quandary

Due to the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 200...