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Tax Law Update 2008-12-01 (1)Tax Law Update 2008-12-01 (1)
Inflation Adjustments for 2009 Revenue Procedure 2008-66 was released Oct. 16, 2008, making the following adjustments: Annual Gift Exclusion The annual gift exclusion rose from $12,000 to $13,000 for gifts made after Jan. 1, 2009. Gifts to Non-citizen Spouse The first $133,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not
David A. Handler, partner & Alison E. Lothes, associate, in the Chicago office of Kirkland & Elli
Inflation Adjustments for 2009
Revenue Procedure 2008-66 was released Oct. 16, 2008, making the following adjustments:
Annual Gift Exclusion — The annual gift exclusion rose from $12,000 to $13,000 for gifts made after Jan. 1, 2009.
Gifts to Non-citizen Spouse — The first $133,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts under Internal Revenue Code Sections 2503 and 2523(i)(2) made during that year (up from $128,000).
Trust and Estate Income —
Valuation of Qualified Real Property in Decedent's Gross Estate — For an estate ...
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