A slow news week allows us to publish our shortest wrapup yet.
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Featured article
Property received from a decedent. Most of us are familiar with the longstanding rule that adjusts the basis of assets held at the time of death. Due to the temporary repeal of the estate tax, however, there’s a special rule for assets inherited from an individual who dies in 2010.
@Congress
The Senate passed legislation providing fiscal aid to the states, and the House, which had already started its August recess, will be called back into session to vote on the measure and send it to the President. Tax provisions in the bill deal primarily with the foreign tax credit, but the law will also do away with the advance earned income credit.
The small business tax bill, which includes an extension of bonus depreciation and temporary increase in expensing, has been scheduled for consideration (again) the first week of September.
@Court
Another quiet week.
@IRS
Apart from the announcement described above concerning RALs, we reported on an estimate from the Treasury that employers may be able to claim benefits under the HIRE Act for some 5.6 million employees.
@Fairmark
We’re pleased to announce that our primer on investment principles, That Thing Rich People Do, is now available in a Kindle version at just $6.95 — and you don’t have to own a Kindle to read it. Details:
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