The Internal Revenue Service (IRS) has released Rev. Proc. 2016-55, which announced the IRS 2017 estate tax exemption, IRS 2017 gift tax exclusion, and various tax adjustments as follows:

• The annual gift tax exclusion remains at $14,000

• The unified gift and estate tax exemption is adjusted to $5,490,000

• The annual exemption for gifts to a non-U.S. citizen spouse is $149,000