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Gift Tax
Graduated federal tax imposed upon a person who gives assets of more than $11,000 on an annual basis to a recipient. Each individual also has a $1,000,000 lifetime gift tax exclusion. Federal gift tax rates mirror federal estate tax rates, through 2009. In 2010, gift taxes will mirror the top federal income tax rate for individuals. Thereafter, Congressional action will be required to maintain the same gift tax rate structure.
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Gift Tax