Certain Estates Now Have Five Years to Make a Portability Election... [ read ]
On Friday, July 8, 2022, the IRS released Revenue Procedure 2022-32, which supersedes Revenue Procedure 2017-34 and extends the period of time certain estates have to make a "portability" election under IRC § 2010(c)(5)(A). A portability election allows for a surviving spouse to utilize the deceased spouse's unused exclusion amount (DSUE). The portability election may only be made on a timely filed federal estate tax return (Form 706).