IRS releases inflation adjustments for 2014

In Rev. Proc. 2013-35, the IRS published the inflation adjustments for estate and gift tax number beginning in 2014, including.  The adjustments include the following: (a) the applicable exclusion amount and GST exemption for 2014 will be $5,340,000; (b) the gift tax annual exclusion will remain $14,000 for 2014 gifts; and (c) the gift tax annual exclusion for 2014 gifts to a non-U.S. citizen donee spouse will be $145,000.