In 2004, the operation of the unified transfer tax credit had the practical effect of exempting the first $1,500,000 of otherwise taxable transfers from federal transfer taxation.

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In 2004, the unified transfer tax credit effectively exempted the first $1,500,000 of otherwise taxable transfers (such as gifts and estates) from federal transfer taxation, as part of the Economic Growth and Tax Relief Reconciliation Act of 2001's phased increases in exemption amounts.

In 2004, the Operation of the Unified Transfer Tax Credit