Rev Proc 2012-41
Last Updated: 28 January 2014
Revenue Procedure 2012-41 Provides Inflation Adjustments For 2013
The IRS published Revenue Procedure 2012-41 to provide inflation adjustments for 2013. With respect to estate and gift tax:
The section 2503 gift tax annual exclusion rises to $14,000 in 2013;
The maximum value excluded from the gross estate under section 2032A rises to $1,070,000; and,
The section 6601(j) 2% portion of tax under section 6166(a) rises to $1,430,000.
In future guidance the IRS will announce the section 2010(c) unified credit for 2013.