H.R. 1, previously known as the “One Big Beautiful Bill,” was passed by both houses of Congress and was signed into law on July 4, becoming P.L. 119-21. Section 70106 of the act changes the provision that had doubled the … Continue reading
Tag Archives: Deceased spousal unused exclusion amount
The Internal Revenue Service has announced that the two-year period for filing an estate tax return merely to elect portability has been extended to five years from date of death. Rev. Proc. 2022-32, 2022-30 IRB 101 (7/25/2022). In Rev. Proc. … Continue reading
The Internal Revenue Service has announced a new simplified procedure for obtaining relief for filing a late estate tax return in order to elect portability. Under IRC section 2010(c)(5)(A), the federal estate tax exclusion amount for a surviving spouse can … Continue reading
The Oklahoma Supreme Court has held that a decedent’s unused federal estate tax exclusion amount (referred to in IRC section 2010 as the “deceased spousal unused exclusion amount,” or “DSUE”) is an asset of the decedent’s estate that the administrator … Continue reading