Corrections


In the October 2009 article “The Generation- Skipping Transfer Tax: A Quick Guide” (page 30), in a passage regarding transfers to an irrevocable life insurance trust, the text should have said that a transfer that qualifies for the annual gift exclusion may also qualify for a generation-skipping transfer tax exclusion but will not in every case.

 

In the October 2009 “From The Tax Adviser” column (page 76), in the second bullet point describing who must pay estimated taxes, the phrase “110% if the prior-year tax liability was greater than $150,000” should have read “110% if the prior-year adjusted gross income was greater than $150,000.”

 

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