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Original Basis Used To Determine Estate Tax
Estate tax refers to the federal tax that is paid on the value of a property and assets of an individual when the person dies. This amount is paid by the individual’s estate and not by the heirs who are the recipients of the bequest. This is completely different from inheritance tax which is paid on the value of the bequest by individual heirs. Both these taxes have to be paid before distributions are made.More...
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