Port or not

Technical topics regarding tax preparation.
#1
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26-May-2020 8:05pm
Location:
Canada
New client filed tax return through me in March as her husband died in May 2019. She learns today that they have $5million in assets and her attorney is stating that an election to port her husband's $5million should have been made on Form 706 estate tax return even though he had no estate tax return to file. The argument is that if the $11million new limit reverts after current tax law expires the wife can use the husband's $5m.

Is the attorney correct? If so can you file a late 706 opting to port his $5m?
Hello, My name is Soman, nice to meet you
 

#2
lucyko  
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Orange County,CA
Check revenue Procedure 2017-34 to see if you qualify for a late filing exception and the steps you must follow .
 

#3
Nilodop  
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18759
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21-Apr-2014 9:28am
Location:
Pennsylvania
And this too, from RP 2020-1.
There are, however, certain areas in which, because of the inherently factual nature of the problems involved, or for other reasons, the Service will not issue rulings or determination letters. These areas are set forth in four sections of this revenue procedure. Section 3 reflects those areas in which rulings or determination letters will not be issued. Section 4 sets forth those areas in which rulings or determination letters will not ordinarily be issued. “Not ordinarily” means that unique and compelling reasons must be demonstrated to justify the issuance of a ruling or determination letter. Section 5 sets forth those areas in which the Service is temporarily not issuing rulings or determination letters because those matters are under study. Finally, section 6 of this revenue procedure lists specific areas in which the Service will not ordinarily issue rulings because the Service has provided automatic approval procedures for these matters.


SECTION 6. AREAS COVERED BY AUTOMATIC APPROVAL PROCEDURES IN WHICH RULINGS WILL NOT ORDINARILY BE ISSUED

.08 Section 2010(c)(5)(A).—Election Required.—All requests filed before the second anniversary of the decedent’s date of death for an extension of time under § 301.9100-3 to make an election under § 2010(c)(5)(A), where the Service has provided an administrative procedure to seek such an extension. See Rev.Proc. 2017-34, 2017-26 I.R.B. 1282 (procedure providing for an extension of time to certain taxpayers to make a “portability” election under § 2010(c)(5)(A)).
 


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