John Bunge, of Waller Lansden Dortch & Davis, LLP, has made available for download his article, “IRS Proposes Regulations Affecting Estate and Gift Taxes”, published in JDSUPRA. The abstract is as follows:
New regulations proposed by the IRS seek to address the basic exclusion amount for estate and gift taxes which was doubled in 2017 under the Tax Cuts and Jobs Act (TCJA). The doubling of the exemption is scheduled to “sunset” as of January 1, 2026 under current law.
Under the Tax Cuts and Jobs Act passed in 2017 (TCJA), the basic exclusion amount for estate and gift tax purposes was doubled from a baseline of $5 million, as adjusted for inflation, to $10 million, as adjusted for inflation ($12,060,000 for 2022). This amount is often referred to as the estate and gift tax exemption (the “exemption”). The doubling of the exemption under the TCJA is available to each individual only during calendar years 2018 through 2025. Note that for a married couple, each spouse has his or her own exemption.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal
Wealth Strategies Journal 