Catherine Hughes, an attorney-advisor at Treasury, has promised that the IRS will release new regulations by year's end to help practitioners and preparers deal with potential DSUEA issues. These regulations will cover 4 issues brought up by the New York City Bar Association. They will include the following issues: 1) DSUEA first allocated for gifts, 2) No gift or estate "clawback" rule, 3) Uncooperative executor and no DSUEA election, and 4) Clarity on the statute of limitations.
See "Marital Portability Regulations Promised," crescendowashington.blogspot.com (Nov, 13, 2011).
Hat Tip: Wills, Trusts & Estates Prof Blog.
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
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