Tax Law Update: December 2016

David A. Handler and Alison E. Lothes cover the latest tax developments

• Internal Revenue Service issues 2017 inflation adjustments—In Revenue Procedure 2016-55, the IRS published the inflation adjustments for tax items for 2017. 

For an estate of any decedent dying in calendar year 2017, the basic exclusion amount is $5.49 million (a $40,000 increase) for determining the amount of the unified credit against estate tax under Internal Revenue Code Section 2010. The exemption for generation-skipping transfer tax, which is d

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