Gift taxes

From: <Memills@aol.com>
Subject: Gift taxes
Date: Tue, 28 Jul 1998 14:09:47 EDT

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I'm reading conflicting
material about gift taxes.   I read that up to $600k may
be gifted without taxes, then I read that only $10k per year
can be gifted without taxes (see below)

I'd appreciate any clarification anyone can offer.

Thanks,

 -- Mike Mills


Conflicting nfo from an internet web site:

The 1997 exemption of $600,000 from estate taxes and gift taxes to which
everyone is entitled will gradually increase until it reaches $1 million in
2006. Thus, people will be able to pass on greater amounts to their heirs
free of either estate or gift taxes. 

Under current law, you may give up to $10,000 to any other person during a
year without having to pay the gift tax



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