On November 10, 2021, the Internal Revenue Service (IRS) issued Rev. Proc. 2021-45, which provides inflation adjustments for sixty-two sections of the Internal Revenue Code (I.R.C.). Most notably, the basic exclusion amount for decedents who die in 2022 was increased to $12.06 million, and the annual exclusion for gifts was increased to $16,000 (last increased in 2018). The “super” annual exclusion for gifts to noncitizen spouses is $164,000 for 2022. Rev. Proc. 2021-45, 2021-48 I.R.B. 764 (Nov. 10, 2021)