Portability Election Relief under Treasury Regulation Sections 301.9100-2 and -3
On September 27, 2013, Richard Franklin and Lester Law, Co-Chairs of the Estate and Gift Tax Committee, along with other committee members, submitted comments to the Internal Revenue Service requesting the expansion of 9100 Relief in two situations related to making the portability election for estates under the threshold in Section 6018(a) for being required to file a Form 706 (i.e., nothing was requested relating to estates over such threshold).
First, the Committee recommended that relief to make the portability election under the 9100-2 Regulations be available during the six month extension period applicable to a Form 706 in situations in which neither an original Form 706 nor an extension request was filed within 9 months of the decedent’s death. Second, the Committee requested that a period of at least 6 months from the date of publication of guidance be granted in which relief under the 9100-3 Regulations could be requested to make a late portability election without the need to file a letter ruling request or pay a user fee. The idea is that the Government and taxpayers would be well-served by creating a specific window of time during which all such requests to make portability elections could be cleaned up with a minimum of fuss and expense.
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