For taxpayers who scrambled to make last-minute gifts at the end of 2012 to take advantage of the gift tax exemption and lower tax rate, it was a good thing to do despite the fact that within 23 hours of year’s end, legislation passed averting the return to the old-law $1 million exemption and 55 percent maximum tax rate.
“That exemption amount of $1 million and the 55 percent rate actually became effective for 23 hours,” said Private Wealth Services Partner Shari Levitan. “The legislation could have just as easily been limited to adjustments in income tax rates, and few were willing to bet on Congress.”
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