Estate Tax Elimination Act of 1999

[AI summary unavailable — showing source text] Estate Tax Elimination Act of 1999 - Amends the Internal Revenue Code to eliminate Federal estate, gift, and transfer taxes. Eliminates the step-up in basis with respect to property acquired from a decedent. Establishes the basis for qualifying property acquired from a decedent (carryover basis property) as the property's initial basis increased by its allowable share of the decedent's allowance, as provided for in this Act. Describes noncarryover basis property. Authorizes a limited tangible personal property exclusion. Provides an additional exclusion for family-owned businesses and farms. Makes a nonresident who is not a U.S. citizen ineligible for basis adjustment based upon a decedent's exclusion allowance. Establishes a binding procedure for determining the initial basis of carryover basis property. Requires an executor to provide the Secretary of the Treasury and each beneficiary with specified carryover basis property information. Sets forth related noncompliance penalties.…