Hyden, Miron & Foster, PLLC Law Blog

Friday, August 29, 2014

Rev. Proc. 2014-18 – Time is Running Out on Portability Election

By: Tiffany Parker Nutt

Rev. Proc. 2014-18 extends the portability election time period for decedents who died between January 1, 2011 and December 31, 2013. The time to elect portability expires the date the estate tax return, IRS Form 706, is due. However, Rev. Proc. 2014-18 allows for an extension of time if certain requirements are met.

Rev. Proc. 2014-18 only applies to estates of decedents that meet the following requirements: (1) has a surviving spouse; (2) decedent died between January 1, 2011 and December 31, 2013; (3) was a citizen or resident of the United States on the date of death; (4) the executor is not required to file an estate tax return for the decedent as determined under IRC § 6018(a); and 5) the executor did not file an estate tax return within the time prescribed by Treas. Reg. § 20.2010-2T(a)(1) for filing an estate tax return.

Rev. Proc. 2014-18 provides that the portability election must be filed by DECEMBER 31, 2014. The Form 706 must be completed and properly-prepared. The person filing the return must state at the top of Form 706 that the return is“FILED PURSUANT TO REV. PROC. 2014-18 TO ELECT PORTABILITY UNDER § 2010(c)(5)(A).”

If all of the requirements are met, then the portability election will be considered to have been timely filed.

Contact the attorneys at Hyden, Miron & Foster, PLLC to ensure you do not miss the portability election deadline.

For a more in depth look at portability check out our August 2014 Newsletter.


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