IRS Announces Inflation Adjustments for 2003

In IRS Rev. Proc. 2002-70 the Internal Revenue Service set forth inflation adjusted tax tables for 2003. Among the adjustments included were the following for Annual Exclusion Gifts and the Generation-Skipping Transfer Tax Exemption:

Annual Exclusion for Gifts.

(1) For calendar year 2003, the first $11,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts under