Late last night, after much debate and politicking, the House approved H.R. 4853, the $859 billion Tax Relief, Unemployment

Insurance Reauthorization and Job Creation Act of 2010 (the “Tax Relief Act”). The legislation passed the Senate by a vote of

81-19 on December 15 and is expected to be signed into law as early as today by President Obama.

The Tax Relief Act has far-reaching implications for almost all Americans, as it not only extends President Bush’s federal

income tax cuts but also sets the federal estate, gift and generation-skipping transfer (“GST”) tax rates and applicable

exclusion amounts for 2010 through 2012.