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Portability of Applicable Exclusion Amount between Spouses

Transfers of property during life or at death are generally subject to federal gift or estate taxes. However, each taxpayer has an amount of property that can be sheltered from federal gift and estate taxes by the unified credit, called the “applicable exclusion amount.” Prior to 2011, each spouse was entitled to his or her …

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Mid-Year Planning: Accounting for New Tax Rules

The American Taxpayer Relief Act of 2012 (ATRA), passed in early January, permanently extended a host of expiring tax provisions. It also largely set the rules for tax planning for 2013 and beyond. As you take stock of your tax situation this year, here are a few new wrinkles to keep in mind. New top …

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Quarterly Economic Perspective

The U.S. economy grew more slowly during the first quarter than previously thought, but the 1.8% increase in Q1 gross domestic product was still substantially better than the previous quarter’s 0.4%. Assuming that moderate growth continues, the Fed said that by the end of the year it may start reducing the $85 billion worth of …

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Quarterly Market Review

The Markets Ironically, good news for the economy translated into bad news for investors after the Fed provided its blueprint for winding down the quantitative easing efforts that have benefited financial markets in recent years. Until mid-May, equities seemed unstoppable as the Dow and S&P 500 powered to new all-time records. However, as the Fed’s …

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Economic Perspective (May 2013)

The U.S. economy grew 2.4% during the first quarter of 2013–a fraction less than the Bureau of Economic Analysis’s 2.5% initial estimate but still an improvement from the previous quarter’s 0.4%. Business inventories and exports grew slightly less than previously thought. The unemployment rate continued to inch downward in April, according to the Bureau of …

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