Calculating Estate Tax Portability Exclusion Amount: Filing Form 706, Rev Proc 2022-32 and Missed Election Relief
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a comprehensive guide to the computation and reporting of the deceased spouse's unused exclusion change to the deceased spouse's unused exemption (DSUE). The panel will explain when portability should be elected and demonstrate the calculation to show the DSUE amount transferred from the deceased spouse to the surviving spouse.
Outline
- Estate tax overview: electing portability
- Deceased spousal unused exclusion (DSUE)
- Calculating and reporting DSUE on IRS Form 706
- Reporting DSUE on Form 709
- Case illustration: calculating DSUE
- Filing Form 706 solely to elect portability
- Rev Proc 2022-32 Electing Portability up to 5 Years After Death
- Missed elections
- Impact of potential law changes on portability
Benefits
The panel will review these and other critical components of estate portability reporting and DSUE calculations:
- How to calculate DSUE amounts per IRS guidelines
- Relief for missed portability elections
- Determining whether to recommend portability election
- How the anti-clawback proposed regulations affect the estate exemption
- Reporting DSUE on Estate Tax Return Form 706 for a surviving spouse
- Reporting DSUE on Gift Tax Return Form 709 for a surviving spouse
Faculty
James R. Daneri
Partner
Blanchard Krasner & French
Mr. Daneri focuses his practice in the areas of estate planning, taxation, and business law. His estate planning... | Read More
Mr. Daneri focuses his practice in the areas of estate planning, taxation, and business law. His estate planning practice includes formation of complex irrevocable and revocable trusts, probate, and trust administration. His taxation practice includes corporate, partnership, and individual wealth and tax planning, complex tax transactions, income and employment tax audit defense, and tax-exempt entities. His business law practice includes representation of shareholders, contracts, mergers, labor disputes, succession planning, entity maintenance, and formations.
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Robert M. Maxwell, Esq.
Director of Estate and Trust Settlement
Glenmede
Mr. Maxwell is Director of Estate and Trust Settlement for Glenmede. He is responsible for oversight of estate... | Read More
Mr. Maxwell is Director of Estate and Trust Settlement for Glenmede. He is responsible for oversight of estate administration for estates where Glenmede is executor and settlement of terminating trusts where Glenmede serves as trustee. Mr. Maxwell is responsible for the preparation of federal estate tax returns and state estate and inheritance tax returns for estates and post-mortem planning. He has been a lecturer and author for Pennsylvania Bar Institute seminars on such topics as Federal Estate and Gift Tax Preparation, Pennsylvania Inheritance Tax Preparation, and Federal Estate Tax Portability. Mr. Maxwell received a B.A. in 1984 and an M.A. in 1986, both from the University of Pennsylvania. In 1989, he received a J.D. from Villanova University School of Law. In 2001, Mr. Maxwell was awarded a certificate in business succession planning from The American College. He is a member of both the Philadelphia and New Jersey Bar Associations, and serves as Secretary of the Probate Section of the Philadelphia Bar. Mr. Maxwell has presented on the topic of Federal Estate Tax Portability for the Probate Section Tax Committee. He is also a member of the Philadelphia Estate Planning Council. Mr. Maxwell teaches Fundamentals of Testamentary Estate Planning as an adjunct professor for the Charles Widger School of Law Graduate Tax Program of Villanova University.
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