New Tax-Free Gift Limits in 2002 and a GST Exemption Allocation Warning

Topics:
Regulatory issues
Tags:
Allocation,
Finance,
Financial Planning,
Free Trade,
Jones Day Reavis & Pogue,
Taxes
Source:
Jones, Day, Reavis & Pogue

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Overview: This article highlight two issues. First, the increases in the amounts that the tax laws permit to be gifted in 2002 without gift tax. Second, little-noticed provision in the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) that could cause some taxpayers inadvertently to “waste” a portion of their exemptions from the generationskipping transfer (“GST”) tax.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 25KB | Date: Feb 2002 | Pages: 2


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