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In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was repealed. In some ways, it could be viewed that the exemption is essentially unlimited in 2010 for transfers that would otherwise be subject to the tax. However, the law that created the increases and ultimate repeal of the GST Tax Exemption, is set to expire on December 31, 2010.
For property distributed in the years of 2011 and 2012, taxpayers are entitled to a $5 million GST tax exemption.
== Advantages of using exemptions from the tax ==
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