Lifetime exclusion of gifts amount for 2002

[Zizi]

What is the name of your state? PA

I have two questions. First, I am trying to find out what the "lifetime exclusion of gifts" amount was for the year 2002.
(Or is it called "Unified Credit?" Would someone please clarify this for me also.)

Secondly, my grandmother gave me $300,000 in cash in 2002 as a gift. Do either of us have to pay gift taxes on this amount? If so, who? If not, then why not?

Thank you so much for taking the time to reply.

[abezon]

The unified credit amount is $1.3M. (Actually, it's the amount of tax you'd pay on $1.3M of estate.) Grandma has to file a gift tax return telling the IRS that she used $300,000 of her $1.3M in 2002. She can give $11,000 to any person each year without having to file a gift tax return. You'll have to pay taxes only on money the $300,000 earns after you receive it (interest, gains if you bought stocks, etc).

You'll also have to check the PA laws to see if PA bumped its unified credit up to $1.3M or left it at $675,000.

[Zizi]

Thanks for taking the time, abezon. I appreciate your help.