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Estate tax returns; Steinbrenner’s heirs might have to pay after all

When New York Yankees owner George Steinbrenner died in July, there was no estate tax -- meaning his heirs saved potentially millions of dollars in taxes on his estate that Forbes valued at $1.15 billion.

While it looked like the timing of Steinbrenner's death might have helped his family out significantly, not so fast. Not only is the estate tax back for 2011 – although at a lower rate -- but Congress has approved making it retroactive for 2010. But families have a choice.

Heirs now have the option to pay estate taxes under the newly-adopted rules – a more favorable 35 percent and $5 million exclusion (compared with 2009’s 45 percent and $3.5 million exclusion) or pay no estate tax, but potentially face a greater tax when they sell the assets they inherited.

CCH explains the new estate tax rules in detail here.

Categories: MLB (110), Sports Team Owners (49)

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About the author
CRAIG DAVIS In more than 33 years at the Sun Sentinel, Craig Davis has written about a wide variety of sports topics from baseball to yachting, fishing to triathlons, and also worked as a copy editor and page designer. Recently he reported on local sports, including running, swimming, cycling, equestrian and beach volleyball. He enjoys sports as a participant as well as a spectator, is active in the South Florida running scene plays in the curling club at Saveology Iceplex. This blog offers a glimpse at the business side of sports in the interest of enhancing enjoyment of the games and sporting options as a spectator as well as a participant.
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