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Jun 1, 2009 12:00 PM
Tax on a Phantom Tax
Practitioners in all decoupled states must be careful
A recent decision out of New Jersey — Estate of Stevenson v. Director, Division of Taxation
In Stevenson, the residuary estate actually passed to the surviving spouse at the decedent's death in 2005. Nonetheless, in determining the decoupled New Jersey estate tax due, a court reduced the marital deduction by the amount equal to a hypothetical federal estate tax payable from the residue determined by applying the Internal Revenue Code in effect in 2001.
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