This Week's Topic: IRS COST OF LIVING ADJUSTMENTS FOR 2003

IRS Cost of Living Adjustments are set forth in Revenue Procedure 2002-70. Here are some of the most important ones:

Annual gift tax exemption (IRC 2503(b) remains at $11,000.00.

Special Use Valuation (IRC 2032A) moves up to $840,000 from $820,000.00.

Gifts to Noncitizen Spouses (IRC 2503, 2523(i)(2): The amount of gifts to a noncitizen spouse which are not included in the donor