News & Analysis as of

Portability

In Pursuit of Portability

by Stinson Leonard Street on

The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

Proposal for a Regulation on the Free Flow of Non-personal Data in the EU

by Reed Smith on

The European Commission has issued a proposal for a new Regulation on the free flow of non-personal data (“the Proposal”). The Commission adopted a Communication in January 2017 on “Building a European Data Economy”, in...more

Foreign No More: Transferring Data on Demand U.S. Companies and GDPR Data Portability

Much has been written about the consternation and concern of businesses around the world regarding the European Union’s General Data Protection Regulation (GDPR), which takes effect on May 25, 2018. The GDPR applies to...more

Estate Tax Portability – Not So Fast My Friend

by Dickinson Wright on

Many of you have heard of the new Federal estate tax “portability” rule that allows a surviving spouse to effectively inherit any unused federal estate tax exemption of a predeceased spouse. An individual can only use the...more

DSM Watch: Compliance deadlines for EU online Portability Regulation pushed back

by Hogan Lovells on

In our 18 July blog we reported the then recently published key dates for compliance with the EU online Portability Regulation. Following a correction published in the EU Official journal on 28 July 2017, those deadlines...more

UK Government Sets Forth Approach for GDPR

by Ropes & Gray LLP on

With its “Statement of Intent” published on 7 August 2017, the UK Government has taken the first step in the process of cementing the General Data Protection Regulation into UK law. In the statement, entitled “A New Data...more

Pa. Supreme Court Upholds Trustee Replacement Rules

by Barley Snyder on

A recent Pennsylvania Supreme Court case clarified the ability of the beneficiaries of a trust to remove a corporate trustee. In a highly anticipated case, the Court unanimously refused to permit the beneficiaries of an...more

The Data Report Episode 11: Don't Be an Easy Target

by Bilzin Sumberg on

Module Three: Small Businesses & Start-Ups Attacks against small businesses have dramatically risen over the last few years. Litigation attorney Jay Ward discusses why companies should be concerned in a new episode of The...more

IRS Gives Surviving Spouses a Second (or Third) Bite at the Portability Apple

“Portability” is the ability of a surviving spouse to use not only his or her own estate tax exemption, but also some or all of the exemption of the first spouse to die, as long as the first spouse died in 2011 or later. ...more

Making Use of a Deceased Spouse’s Unused Estate Tax Exemption Simplified

by Genova Burns LLC on

The election for married couples to elect portability of the Federal Estate Tax Exemption was introduced in late 2010 when the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act (“TRUIRJCA”) was signed...more

EU Regulation on Cross-Border Portability of Online Content Services in Force

by Reed Smith on

After publication in the Official Journal of the European Union, Regulation (EU) 2017/1128 of the European Parliament and of the Council of 14 June 2017 on cross-border portability of online content services in the internal...more

DSM Watch: On your marks! Deadline for EU online Portability Regulation compliance is 20 March 2018

by Hogan Lovells on

In our 21 June blog we reported that the text of this, the first legislative proposal published by the Commission under the Digital Single Market strategy banner, had been finalised by the European Parliament and Council. ...more

IRS Grants Taxpayers Two-Year Window to File Portability Election

by Bryan Cave on

In a long-awaited move, the IRS announced recently that taxpayers will now have at least two years to file an estate tax return to elect portability of a decedent’s unused estate tax exemption to the decedent’s surviving...more

IRS Provides Automatic Extension to Make Portability Election (Under Some Circumstances)

by Charles (Chuck) Rubin on

A portability election by the estate of a first spouse to die allows the unused unified credit of the first spouse to be used by the surviving spouse for estate and gift tax purposes. Since Code §2010(c)(5)(A) requires the...more

IRS issues Rev. Proc. 2017-34 to Extend Time to Make Portability Election

by Dickinson Wright on

For individuals dying after December 31, 2010, Section 2010(c) of the Internal Revenue Code provides that the unused estate tax exemption of the first deceased spouse is “portable” between spouses at death. Under this law, a...more

The European General Data Protection Regulation in the Dutch workplace

by Dentons on

The European General Data Protection Regulation (the 'Regulation') will take effect on 25 May 2018. The Regulation will replace the current European Data Protection Directive of 1995. The Dutch Data Protection Act (locally...more

DSM Watch: EU online content services Portability Regulation will become law in its current form: Council adoption 8 June 2017

by Hogan Lovells on

DSM Watch has been tracking this, the first legislative proposal published by the Commission under the Digital Single Market strategy banner, since back in December 2015.  The Commission’s aim was to allow consumers who pay...more

Estate Administration Update: A Simplified Procedure for the Portability Election

by Williams Mullen on

Recently, the IRS issued Revenue Procedure 2017-34 (the “Revenue Procedure”), providing a simplified process for certain estates requiring an extension of time to make a portability election under § 2010(c)(5)(A) of the...more

Update AVGB: Rechten van betrokkenen (inzage, rectificatie en overdraagbaarheid) (Dutch)

by Dentons on

When processing personal data, organisations are obliged to inform data subjects on their rights. As set out in our previous GDPR Update, the introduction of the GDPR substantially affects the existing information obligation...more

GDPR Update: Rights of Data Subjects (access, rectification and portability)

by Dentons on

As a follow-up to last month’s update in this June edition of the GDPR Update, we again discuss certain data subjects’ rights. This time we will go into the right to access, rectification and data portability....more

IRS Simplifies Ability To Obtain Late Portability Election Relief

by Cole Schotz on

On June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which is effective immediately and provides a simplified method to obtain permission for an extension of time under Reg. 301.9100-3 to file Form...more

Court Orders Administrator To Elect Portability

by Bryan Cave on

When the IRS enacted the portability election provisions in 2011, which allowed estates of married taxpayers to pass along the unused part of their estate and gift tax exclusion amount to their surviving spouse, it remarked...more

Late Portability Election Denied for Estate That Was Over the Estate Tax Return Filing Threshold

by Genova Burns LLC on

One of the key changes of the 2010 Tax Relief Act is the addition of “portability” of the first deceased spouse’s unused basic exclusion amount, commonly referred to as the deceased spousal unused exclusion amount. Under...more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

by Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

DSM Watch: European Commission's data package explores data ownership, localization, liability and portability, highlighting...

by Hogan Lovells on

On January 10, 2017, the European Commission released a Communication, a fact sheet, a working document and a public consultation relating to Europe’s “data economy”. The fact sheet states that “data is a new type of...more

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