New proposed Internal Revenue Service regulations to determine the value of a taxable estate may create a series of traps for unwary executors and tax preparers, according to the American Institute of CPAs.Moreover, the regulations lead to the situation where an estate must be held open for a number of years to determine the amount of the deduction for a contingent obligation.

"Heirs and executors need closure, and would possibly incur many additional costs and burdens in filing annual refund claims every year for 25 or more years under certain circumstances," the AICPA's Trust, Estate and Gift Tax Technical Resource Task Force said in comments to the IRS.

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