Sensible Estate Tax Act of 2015

[AI summary unavailable — showing source text] Sensible Estate Tax Act of 2015 Amends the Internal Revenue Code to: (1) establish new estate tax rates of between 41% (for estates with a value in excess of $1 million) and 55% (for estates with a value in excess of $10 million), (2) allow a $1 million estate tax exclusion, and (3) provide for an inflation adjustment to such amounts for decedents dying after 2016. Restores the estate tax credit for any estate, inheritance, legacy, or succession taxes paid to a state (expired after 2004). Repeals the deduction currently allowed for such taxes. Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent. Requires that the value of the basis in any property acquired from a decedent be consistent with the basis as determined for estate tax purposes. Requires executors of estates to disclose to the Internal Revenue Service, and to recipients of any interest in an estate, information identifying the value of each interest received. Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amount…