Tax Law Update

Inflation adjustments published — The Internal Revenue Service published the 2012 inflation adjustments in Revenue Procedure 2011-52. The unified credit against estate tax under Internal Revenue Code Section 2010 was adjusted from $5 million to $5.12 million for 2012. Under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the lifetime gift tax exemption and generation-skipping transfer (GST) tax exemption are now tied to the estate tax