Annual Gift Tax Exclusion Increases

In Rev. Proc. 2001-59, released in December 2001, the Internal Revenue Service announced certain changes in the Annual Exclusion for Gifts and the Generation Skipping Transfer Tax Exemption as listed below: Annual Exclusion for Gifts: (1) For calendar year 2002, 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