Washington (Sept. 7, 2004) -- The Internal Revenue Service has proposed regulations regarding the predeceased parent rule of the generation-skipping transfer tax. In certain situations, the predeceased parent rule may eliminate the generation-skipping transfer tax.
“After studying the application of the rule to a variety of circumstances, we concluded that we should exercise the authority granted to us in the statute to issue these regulations,” stated acting assistant secretary for tax policy Gregory F. Jenner. “We believe that the proposed regulations issued today will provide appropriate relief to more taxpayers.”
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