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Texas Billionaire’s Legacy: no taxes

Texas billionaire’s legacy: Death, but no taxes

Family of world’s 74th wealthiest person to benefit from Congress’ lapse

By David Kocieniewski

updated 5:12 p.m. CT, Wed., June 9, 2010

A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free.

Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77.

Had his life ended three months earlier, Mr. Duncan’s riches — Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world — would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher — 55 percent.

Source: NYT
For more of the story click here:  http://www.msnbc.msn.com/id/37588278/ns/business-the_new_york_times/?GT1=43001

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