In Revenue Procedure 2008-66, I.R.B. 2008-15, (Nov. 10, 2008), the Internal Revenue Service set forth certain inflation-adjusted tax items for 2009. The inflation adjustments include the following, which are effective Jan. 1, 2009:
- The annual exclusion is increased to $13,000 (up from $12,000) under Internal Revenue Code Section 2503.
- The first $133,000 (up from $128,000) of qualifying gifts to a noncitizen spouse are not included in the year's total amount of taxable