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	Tax Tax Credit, Exemption Equivalent and Tax   Property Taxation: Depreciation Taxation of Profit Adjusted Basis Home Mortgage Interest and Points Deduction   1031 EXCHANGES Capital Gains Tax Corporate Tax Corporation Dividend Tax Double Taxation European Union Savings Taxation Homeowners exemption Foreign Investment in Real Property Tax Act. Flat Tax Principles of Income Tax Income taxes Inheritance Tax Installment Sales Poll Tax Progressive Tax Property taxes California Propositions Purposes and Effects of Taxation Retirement Tax Sales Tax Sales leaseback Tariff Tax Credit, Exemption Equivalent and Tax Tax Rates Tax Treaty Direct and Indirect Taxation Value Added Tax The law does provide a credit against the tentative tax. The credit can be thought of as providing, in effect, for an exemption equivalent or the exempted value with respect to the value of the real estate property. For instance, for a person who passed away in the year 2005, an estate with a value less than $1,500,000 would not pay a federal estate tax and on inheritance of this property, the beneficiary most likely would not have to file a federal estate tax return. The applicable exclusion amount increases to $2,000,000 for persons dying in the years 2006, 2007 and 2008; this amount increases to $3,500,000 for 2009. According to the Economic Growth and Tax Relief Reconciliation Act of 2001, the federal estate tax would disappear for the year 2010, however, the taxes would return in 2011 at the same level as it was in 2001. Requirements for Filing Returns and Paying Taxes As regards estates larger than the current federally exempted amount, any estate tax that might be due is paid by the executor or any other persons responsible for administering the estate. That person would also be responsible for filing a duly filled appropriate form, (Form 706 return) with the Internal Revenue Service. The return must also contain detailed information as to the valuations of the estate assets and the exemptions claimed, in order to ensure that the correct amount of tax is paid. Need to Pay Taxes As responsible citizens of our countries, each of us need to realize the importance of the taxes we pay with regard to the myriad of necessities that are accomplished using these funds. It is hence up to us to remit the right amount of taxes at the right time to help take our nation forward and also avoid being pulled up by authorities on grounds of trying to evade taxes.