SPECIAL REPORT: Fix Sought for Dual Estate Tax Portability Interpretations

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Congress's recently enacted estate tax portability rules have created a split in opinion between practitioners who believe Congress meant to allow the estate of a surviving spouse to use the accumulated unused estate tax exclusions of more than just the last spouse to die, and those who do not, sources tell BNA. Virtually everyone agrees that Example 3 in the JCT explanation of how the portability law is meant to work is inconsistent with the statutory language in tax code Section 2010, but the question is what to do about it: Fix the statute, or fix the example?

Request Daily Tax Report