The Journal of Accountancy reports that the IRS has provided a simplified method of making portability elections in Rev. Proc. 2017-34.  The Journal of Accountancy summary begins as follows:

In a taxpayer-friendly development on Friday, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election (Rev. Proc. 2017-34). A portability election allows a decedent’s unused exclusion amount (deceased spousal unused exclusion amount, or DSUE amount) for estate and gift tax purposes to be available for the surviving spouse’s subsequent transfers during life or at death.

Previously, the IRS had provided a simplified method for obtaining an extension of time to make a portability election, if the estate was not required to file an estate tax return and if the decedent was survived by a spouse. However, this simplified method was available only on or before Dec. 31, 2014.

See full Journal of Accountancy summary at: IRS provides simplified method to request an extension of time to make a portability election – Journal of Accountancy

See also Rev. Proc 2017-34 by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.