TAX ADJUSTMENTS FOR 2004

In IRS Rev. Proc. 2003-85 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 2004, 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