The IRS recently released its annual Revenue Procedure containing inflation-adjustments for 2021. Of interest to international tax and estate planning practitioners are the following:
Practitioners should note that the estate and gift tax basic exclusion amount is only available to U.S. citizens and U.S. domiciliaries. Foreign individuals do not receive any exclusion amount for U.S. gift tax purposes (other than the annual exclusion amounts) and only receive a $60,000 exemption for U.S. estate tax purposes.
 Rev. Proc. 2020-45.