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To: KLP who wrote (104800)	5/25/2001 9:32:05 AM
From: Ilaine	Read Replies (2) \| Respond to of 436258

Hi KLP - I think the attack on repealing the estate tax is being led by "Unity for a Fair Economy", an organization which wants to narrow the gap between rich and poor, more accurately "Responsible Wealth" which is a project of "Unity for a Fair Economy." ufenet.org responsiblewealth.org One thing ordinary people may not like about this reform is that it's going to eliminate the "stepped-up basis" provision in the income tax - right now, when you inherit an asset your basis for the purpose of capital gains tax is fair market value at the date of death. When the law becomes effective, and it's a phase-in, that's abolished, also as a phase-in. Your basis will be the donor's basis. It won't matter until you sell, but it's going to be a records-keeping nightmare. Maybe they'll eliminate the capital gains tax, too.:)