Good News For Estates With Portability in Mind

Date
2017-06-23
Authors
Harl, Neil
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The enactment of what has been dubbed “portability” in the Tax Relief Act of 20101 became famous for enabling the surviving spouse to utilize the remaining applicable exclusion amount (or applicable credit amount) of the last deceased spouse (dying after 2010) if a federal estate tax return was filed in the estate.2 The executor had to elect and that election had to be on a timely-filed federal estate tax return.3 A six month’s extension was allowed in order to file Form 706 for deaths in the first half of 2011 and to make a portability election.4

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