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Applicable Exclusion Amount
The amount of an individual's assets that can be excluded from the federal estate tax. For 2002, the applicable exclusion amount is $1,000,000 per individual. However, it will gradually increase over the next several years until it reaches $3,500,000 in 2009. In 2010, estate taxes will be repealed. Thereafter, congressional action will be needed to uphold the repeal of estate taxes.
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Applicable Exclusion Amount