More Estates Forced to File With IRS Under Estate Portability Proposal

 

IRS’s procedure for claiming the unused estate tax exemption of a spouse, known as portability, on the Form 706 will force many more estates to file. In Notice 2011-82, IRS told executors of estates of people who died after 2010 that to claim the unused portion of a spouse’s estate and gift tax exemption for 2011, they must file a complete and timely Form 706. Practitioners had been expecting a check-the-box election on the form, but IRS said it did not want estate executors to have to affirmatively elect portability.

 

More Estates Forced to File With IRS Under Estate Portability Proposal | BNA

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