In June, the Internal Revenue Service issued proposed regulations and temporary regulations addressing the portability of a deceased spouse’s unused federal estate tax exemption. These regulations are “taxpayer friendly” and clarify several items which have been distressing fiduciaries and tax preparers.
Estates which are below the threshhold required to file a federal estate tax return may still elect portability by filing Form 706. To help keep estate administration costs down, taxpayers may use “estimates”....
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