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IRS Guidance on Estate Tax Portability



by Bruce A. Rawls
Burr & Forman LLP - Birmingham Office

February 11, 2014

Previously published on February 5, 2014

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 amended the Internal Revenue Code to allow the estate of a decedent who is survived by a spouse to make a "portability election" which allows the surviving spouse to apply the decedent's unused exemption amount (known as the "DSUE amount") to the surviving spouse's lifetime gifts or transfers at death (i.e., to transfers which may be subject to the federal gift tax if made during the surviving spouse's lifetime or subject to the federal estate tax if made at the death of the surviving spouse). The portability provisions were scheduled to expire on January 1, 2013, but Congress permanently extended the portability provisions in the American Taxpayer Relief Act of 2012.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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