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« Latest Financial Market News | Main | New Federal Estate & Gift Tax Schedule is Proposed (December 6, 2010) »

New Tax Bill is Signed into Law (December 17, 2010)

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853) will provide for federal estate and gift tax exemptions of five million dollars for individuals and ten million dollars for married couples, and a marginal estate/gift tax rate of thirty-five percent for amounts in excess of these levels.  These rules will be temporary and apply for 2011 and 2012.  Current law provides for no federal estate/gift tax for individuals dying in 2010.

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