Revenue Procedure 2011-52 sets forth inflation adjusted items beginning in 2012 (read more).

For an estate of any decedent dying during calendar year 2012, the basic exclusion amount is $5,120,000 for determining the amount of the unified credit against estate tax under §2010. This reflects a $120,000 increase over the 2011 basic exclusion amount.

For an estate of a decedent dying in calendar year 2012, if the executor elects to use the special use valuation method under §2032A for qualified real property, the aggregate decrease in the value of qualified real property resulting from electing to use §2032A for purposes of the estate tax cannot exceed $1,040,000. This reflects a $40,000 increase of the 2011 aggregate decrease amount.

For calendar year 2012, the first $13,000 of gifts to any persons (other than gifts of future interests in property) are not included in the total amount of taxable gifts under §2503 made during that year.

For the same calendar year, the first $139,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not included in the total amount of taxable gifts under §§2503 and 2523(i)(2) made during that year.