Pub. 3 2012 Issue 2

summer 2012 13 $5,000,000 in 2011 and 2012, one will have to die during 2011 or 2012 for his or her estate to so execute. • Generation-skipping transfer tax: Unlike the gift tax or the estate tax, the generation-skipping transfer tax can apply either during life or death. The amount that can be transferred during the life or death free of the generation-skipping transfer tax is also at an all-time high of $5,000,000, but is scheduled to expire at the end of this calendar year. For a more complete analysis of the 2010 Tax Act, see The Tax Relief, Insurance Reauthorization, and Job Creation Act of 2010.  No Rendering of Advice: The information contained within this article is provided for informational purposes only and is not intended to substitute for obtaining account- ing, tax, or financial advice from a professional accountant. Presentation of the information via the Internet/other media outlets is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. ChuckSmith,CPA, isFoundingMemberofSmithCochran&Hicks,PLLCand Managing Member of Smith-Little, LLC. He leads the firm’s finance team and provides general and financial consulting services to clients. Mr. Smith can be reached at (304) 345-1151 or via email at chucksmith@schcpa.com. Resourceful. Responsive. Reliable. Celebrating 25 Years as Your Strategic Partner, Never Your Competitor 804.239.0452 www.CBBonline.com REACHYOURTARGETAUDIENCE AFFORDABLY Find out how targeted advertising can produce real, measurable results for your organization. ADVERTISE AND GET RESULTS Kris Montione, Advertising Sales 801.746.4003 | kris@thenewslinkgroup.com West Virginia Banker belongs to the members of the West Virginia Bankers Association. Because we want to share your good news – anniversaries, promotions, honors/awards, new branches, etc. – please keep us on your news release distribution list. You may submit material via email to dkpolen@ wvbankers.org , or mail to the West Virginia Bankers Association, 120 Washington Street, East, Charleston, WV 25301. Pho- tos are welcome. 