Tax Relief Act of 2010:

Gift and Generation-Skipping Transfer Tax

Before Act After Act
Gift Tax For 2010: $1 million lifetime Gift tax exemption equivalent, top rate of 35%
For 2011: $1 million lifetime exemption, top rate of 55%
For 2011 and 2012, there will be a $5 million lifetime exemption equivalent, estate tax rates (top rate of 35%) applies
Generation-skipping Transfer Tax (GSTT) No GSTT for 2010, $1 million, exemption for 2011 with tax rate of 55% GSTT exemption amount for 2010, 2011, and 2012 is $5 million; 0% rate applies for 2010; tax rate of 35% applies for 2011 and 2012

See also:
Summary | Tax Rates | Estate Tax | Gift and Transfer Tax | Business and SE | Tax Credits | Deductions | Other

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