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FIrst, are you the only recipient?
We can probably simplify this, actually ... as ling as you have the taxable income, you have the deduction
(sorry fot the typo) "... as LING as..."
:) as LOOOONG as...
THe deduction applied as LONG as you have taxable income (IRD)
not the the example above says "per year"
The deduction is desiged to OFFSET the double taxation of Estate tax and income tax, conceptually, one can understand that as long as the income tax is there the deducton is there ... regardless of your choice of payout methods
I want to make sure that I understand. I am the only recipient. Let's say that the value of the inherited IRA was $200,000 at the time that I inherited it. I paid $100,000 in estate taxes. I take out an average of $1,000 per year over the past 12 years.
I understand the concept. My question is whether the original $100,000 in estate taxes is what you mean by the "federal estate tax deduction" or the 691(c) deduction.
the 691 C deduction
again, the deduction will always be there (as long as the income tax is there)
The language that you copied and pasted said "federal estate tax deduction." Is that the $100,000 in estate taxes that I paid back in the year 2001?
the formula tells the story ... it proportionate... if the income is taken in a lim
sorry our posts crossed
100 years or one year
OK, this is good news. Thank you very much. You have answered my question.
yes, that is the 100,000 you paid
You're very welcome
I have no further questions.
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