Estate Tax Phase Out bill

Estate Tax Elimination Act of 2001 - Amends the Internal Revenue Code to eliminate Federal estate, gift, and transfer taxes. Limits the aggregate step up basis of certain property acquired from a decedent to the aggregate basis of such property plus $2.8 million. Provides for an inflation adjustment.

States that the basis for carryover basis property (as defined by this Act) shall be determined under the provision respecting the basis of property acquired by gifts or transfers in trust (section 1015). Describes noncarryover basis property. Directs an executor to provide the Secretary of the Treasury with related information.