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Estate and Gift Tax

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1. Simplified method offered for requesting extended time to make portability election   WebExclusive

BY Alistair M. Nevius, J.D.
The IRS on Monday offered certain executors a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse (Rev. Proc. 2014-18). Executors of estates of spouses who died in 2011, 2012, or 2013 and that did not timely file an estate tax return to make the portability election will have until Dec.

2. Is a remittance a deposit or a payment?  

BY Charles J. Reichert, CPA
A district court held that an estate’s remittance to the IRS was a tax payment rather than a deposit. It denied the estate’s refund request because it occurred after the three-year recovery period had expired. Generally, a taxpayer must request a refund of a tax overpayment within three years from the date the return was filed or two years from the date the tax was paid, whichever occurs later.

3. Tax Court holds assumption of estate tax liability may reduce value of gift   WebExclusive

BY Sally P. Schreiber, J.D.
Holding that there was a genuine issue of material fact, the Tax Court on Monday denied an IRS motion for summary judgment in an estate and gift tax case where the 89-year-old taxpayer, Jean Steinberg, made gifts to her daughters while requiring them to pay any tax liability that would have been due if the taxpayer had died within three years of making the gifts (Steinberg, 141 T.C.

4. All legal same-sex marriages to be recognized for tax purposes, IRS says   WebExclusive

BY Alistair M. Nevius, J.D.
In the wake of the Supreme Court’s Windsor decision invalidating a portion of the Defense of Marriage Act (DOMA), the Treasury Department and IRS announced on Thursday that “same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.” The IRS also issued a revenue ruling (Rev.

5. IRS releases draft net investment income tax form   WebExclusive

BY Sally P. Schreiber, J.D.
On Wednesday, the IRS released a draft of Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% tax and then to report the tax on Forms 1040, U.S. Individual Income Tax Return, and 1041, U.S.

6. Supreme Court strikes down Defense of Marriage Act in estate tax case  

BY Alistair Nevius, J.D. and Sally P. Schreiber, J.D.
The Supreme Court, in a 5–4 decision written by Justice Anthony Kennedy, ruled that the Defense of Marriage Act (DOMA), P.L. 104-199, is unconstitutional because it violates the Fifth Amendment’s Due Process Clause by denying equal protection to same-sex couples who are lawfully married in their states (Windsor, No.

7. Comments requested on proposed net investment income tax form   WebExclusive

BY Sally P. Schreiber, J.D.
On Monday, the IRS published a notice and request for comments from taxpayers on a new dual-purpose form that will be used by individuals (using Form 1040, U.S. Individual Income Tax Return) and trusts and estates (using Form 1041, U.S. Income Tax Return for Estates and Trusts) to compute the new 3.8% tax and then to report the tax on Forms 1040 and 1041 (78 Federal Register 45616 (July 29, 2013)).

8. Supreme Court strikes down Defense of Marriage Act in estate tax case   WebExclusive

BY Alistair Nevius, J.D., and Sally P. Schreiber, J.D.
The Supreme Court on Wednesday, in a 5–4 decision written by Justice Anthony Kennedy, ruled that the Defense of Marriage Act (DOMA), P.L. 104-199, is unconstitutional because it violates the Fifth Amendment’s Due Process Clause by denying equal protection to same-sex couples who are lawfully married in their states (Windsor, No.

9. IRS sends letters to taxpayers as it tries to close out inventory of Form 3520 processing issues   WebExclusive

BY Eileen Reichenberg Sherr, CPA, M.Tax.
The IRS has recently notified the AICPA’s Foreign Trust Task Force that the IRS plans over the next few months to send out letters to taxpayers who filed Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or Form 3520-A, Annual Information Return of Foreign Trust with a U.S.

10. A look at the estate tax provisions in the president’s FY 2014 budget proposal   WebExclusive

BY Eileen Reichenberg Sherr, CPA, M.Tax.
President Barack Obama’s recently released FY 2014 proposed budget contains a number of estate, gift, and generation-skipping transfer (GST) tax proposals. The most far-reaching would permanently return the estate, gift, and GST tax regimes to the 2009 rules, starting in 2018. This would mean a 45% top tax rate and a $3.5 million exemption for estate and GST tax and a $1 million exemption for gift taxes, and neither exemption would be indexed for inflation.
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