Amanda Tate

IRS Revenue Procedure Confirms IRS Will Respect QTIP Elections When Portability Elections Also Made

By Lisa Roberts-Mamone and Amanda Tate on October 24, 2016 Posted in Tax

The IRS resolved an important issue when it issued Revenue Procedure 2016-49, effective September 27, 2016, clarifying that the IRS would not disregard qualified terminable interest property (QTIP) elections for estates that also made a portability election. Uncertainty over when QTIP elections would be respected arose after the IRS stated in a 2001 Revenue Procedure … Continue Reading

IRS Regulations Clarify Definition of Spouse for Federal Tax Purposes in Light of Obergefell v. Hodges

By Amanda Tate and Chad Makuch on October 18, 2016 Posted in Estate Planning, Estate Tax, Tax

The IRS has issued final regulations clarifying the definitions of “spouse,” “husband,” “wife,” and “husband and wife” for federal tax purposes. The final regulations now define “spouse,” “husband” and “wife” as any individual lawfully married to another individual, and “husband and wife” as any two individuals lawfully married to each other, regardless of the individuals’ … Continue Reading