Legislators and the public should be aware that carry-over basis problems of estate tax repeal could be a nightmare, according to the American Association of Attorney-CPAs.

"If the only financially feasible way to permanently repeal the estate tax is to institute a carry-over basis regime which essentially replaces the estate tax with an income tax, serious consideration should be given to retention of the federal estate tax with a lowering of the tax rate and an increase in the amount exempt from tax," said AAA-CPA president Bernard Eizen, Esq., CPA, of Philadelphia.

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