Late Portability Elections After the Expiration of Rev. Proc. 2014-18
This item discusses relief available to the executor of an estate that fails to elect portability by failing to timely file an estate tax return.
Estate Tax
Guidance Allows QTIP Election Where Executor Elects Portability
The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.
Recent Developments in Estate Planning: Part 1
This is the first in a two-part series examining developments in estate, gift, and generation-skipping transfer tax and trust income tax. Part 1 discusses legislative and gift and estate tax developments.
Proposed Regulations Govern Estate Basis Consistency Reporting
The regulations provide rules regarding the consistent basis reporting requirement and the required statement that must be furnished to the IRS and beneficiaries.
Post-Death Events Taken Into Account in Property Valuation
The Tax Court held that the IRS had properly taken into account events that occurred after the decedent’s death in determining the value of property for purposes of an estate’s charitable deduction.
Executor Not Liable as Fiduciary for Unpaid Estate Tax
Practitioners who assist clients with preparing estate tax returns should make sure that they know the very real danger they face if distributions are made from the estate before all the federal estate taxes are paid.
Estates Have Until June 30 to File Estate Basis Form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
Due Date for Estate Basis Reporting Postponed Once Again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Consider Combining the Tax Benefits of a Preferred Family Limited Partnership With a GRAT
Certain high-net-worth clients might achieve better results by using a preferred family limited partnership rather than an intentionally defective grantor trust or a grantor retained annuity trust.
Recent Developments in Estate Planning (Part 2)
This is the second of a two-part article examining developments in estate, gift, trust, and generation-skipping transfer taxes between June 2014 and May 2015.
Final Rules Guide Use of Portable Estate Tax Exclusion
Final rules govern the requirements for electing portability of a deceased spouse’s unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of that amount.
Recent Developments in Estate Planning (Part 1)
This is the first part of a two-part article examining developments in estate, gift, and trust income tax between June 2014 and May 2015. Part 1 discusses gift and estate tax developments.
IRS Announces Delayed Due Date for New Estate Basis Reporting Rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
New Law Imposes Immediate Estate Basis and Reporting Requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
Basis Rules for Estates of 2010 Decedents Proposed
Proposed regulations would apply to decedents who died in 2010 and whose executors elected under Sec. 1022 to not have the retroactively reinstated estate tax apply to the decedents’ estates.
Recent Developments in Estate Planning: Part 1
This is the first in a two-part article examining developments in estate, gift, and generation-skipping transfer tax and trust income tax between June 2013 and May 2014.
Rev. Proc. 2014-18: Automatic Extension for Qualifying Estates to Elect Portability
IRS recently issued Rev. Proc. 2014-18, which provides an automatic extension for certain taxpayers to elect portability of the deceased spousal unused exclusion.
Estates Get Simplified Method to Request Extended Time to Make Portability Election
The IRS issued a revenue procedure that provides executors of certain estates a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse
Simplified Method Offered for Requesting Extended Time to Make Portability Election
The IRS offered certain executors a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse.
Election to Treat Qualified Revocable Trust as an Estate and the Separate-Share Rules
The election to treat a qualified revocable trust as an estate under Sec. 645 can result in some complicated accounting and tax consequences as well as some interesting tax planning opportunities because of the separate-share rules.
