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Family farm/small business exclusion of $700,000 effective 1998 (total = $1.3million)
The annual $10,000 gift tax exclusion ($20,000 for split gifts) will be indexed for inflation starting 1999 in $1,000 increments (no increase is likely until 2001)
Unified credit phases up to $1 million by 2006 (family farm/small businesses remain
at $1.3 million) [See Chart]
Relief from the depreciation provisions of the AMT to promote economic growth and job creation (conforms depreciation lives) |
