The following is a chart of the federal estate tax exclusions. the bottom and top tax rates that have been in effect since 1977 (assuming no taxable gifts before 1977), and the federal gift tax annual exclusions. The federal gift … Continue reading
Tag Archives: Federal gift tax
According to a report of the Joint Committee on Taxation, President Obama’s fiscal year 2016 budget includes the following measures affecting estates and trusts: Restore the estate, gift, and generation-skipping exclusions and rates in effect in 2009 (i.e., $3,500,000 estate … Continue reading
According to the Analytical Perspectives volume from President Obama’s fiscal 2016 budget proposal, the President will be proposing that transfers at death or by gift should result in the recognition of gain. From the volume: In the case of a … Continue reading
The IRS has issued five identical private letter rulings, PLRs 201442042, 201442043, 201442044, 201442045, and 201442046, apparently to five different parties involved in the same transaction, agreeing that a court-approved reformation of a trust in accordance with § 415 of...
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