The IRS has issued Rev. Proc. 2014-18 to provide relief to certain estates that failed to file a federal estate tax return in order to elect portability of a decedent’s unused exclusion amount for the benefit of the decedent’s surviving spouse.
The Revenue Procedure limits the relief provided to estates of decedents that died during 2011, 2012 or 2013 that failed to file a return within the time required by law to elect portability of unused exclusion amount to the decedent’s spouse. The relief is only available if the estate is not otherwise required to file an estate tax return.
Estates that are not eligible for relief under Rev. Proc. 2014-18 may request an extension of time to make the portability election by requesting a private letter ruling pursuant to the procedures set forth in Rev. Proc. 2014-1.
The full text of Rev. Proc. 2014-18 is available at: http://www.irs.gov/pub/irs-drop/rp-14-18.pdf.
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