PLR 200947003: Extension Granted to Allocate GST Exemption

In PLR 200947003, the IRS granted an individual an extension to allocate his available GST exemption to transfers to several trusts based on the gift tax values of those transfers.  The IRS also ruled that under section 2632(e), the individual's wife's GST exemption was automatically allocated to her trust upon her death.

Posted by Marc Patterson, Associate Editor, Wealth Strategies Journal.