Description of tax bills relating to election of alternate valuation date on late return (S. 1430) and the Independent Local Newspaper Act of 1981 (S. 1487)
Read Online
Share

Description of tax bills relating to election of alternate valuation date on late return (S. 1430) and the Independent Local Newspaper Act of 1981 (S. 1487) scheduled for a hearing before the Subcommittee on Estate and Gift Taxation of the Committee on Finance on November 18, 1981

  • 971 Want to read
  • ·
  • 68 Currently reading

Published by U.S. G.P.O. in Washington .
Written in English

Subjects:

  • Inheritance and transfer tax -- Law and legislation -- United States,
  • Decedents" estates -- Taxation -- United States

Book details:

Edition Notes

Statementprepared for the use of the Committee on Finance by the staff of the Joint Committee on Taxation
ContributionsUnited States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation, United States. Congress. Joint Committee on Taxation
The Physical Object
Paginationiii, 8 p,. ;
ID Numbers
Open LibraryOL16814536M

Download Description of tax bills relating to election of alternate valuation date on late return (S. 1430) and the Independent Local Newspaper Act of 1981 (S. 1487)

PDF EPUB FB2 MOBI RTF

You may not elect alternate valuation unless the election will decrease both the value of the Schedule A, Part III property, and the net tax due on the return. A designated filer filing for multiple trusts must make this election for all of the Schedule A, Part III property in all of the trusts, taken as a whole. The protective election becomes effective on the date on which it is determined that use of the alternate valuation method would result in a decrease in both the value of the gross estate and in the sum (reduced by allowable credits) of the estate tax and generation-skipping transfer tax liability payable by reason of the decedent's death with respect to the property includible in the decedent's . The election to use an alternate valuation date, must be made within one year of the estate tax filing date. This election is irrevocable. Although the alternate valuation date appears to generally be an attractive option in the current economic climate, one must consider the singular drawback that, if the alternate date provides a lower value, then it also results in a lower step up in basis for those .   Using the alternate valuation date can reduce the amount of estate tax that's due if one or more assets should lose a significant amount of value during the six months after death. Estates with values close to the $ million exemption amount can particularly benefit.

The use of the alternate date must reduce the value of the gross estate and the amount of federal estate tax due Date of Alternate Valuation If the alternate date is elected, all estate assets are valued six months after the date of death. then such election shall be treated as a valid election under such section The statutory period for the assessment of any deficiency which is attributable to an election under this paragraph shall not expire before the close of the 2-year period beginning on the date of the enactment of this Act.”. Under Rev. Proc. , if an executor missed the original election date and was not required to file Form under Sec. (a) without regard to the portability election, for decedents dying after Dec. 31, , the executor may file a complete and properly prepared Form , by Jan. 2, , or the second anniversary of the decedent's. For example, if an individual taxpayer wants the election to be effective for , the statement has to be filed with the individual’s tax return on or before the due date of Ap , or with a timely filed request for an extension of the due date for the return (e.g., Form , Application for Automatic Extension of Time.

  Yes, under Reg , a section election shall be claimed on the taxpayer’s first income tax return for the taxable year to which the election applies (whether or not the return is timely) or on an amended return filed within the time prescribed by law (including extensions) for filing the return for such taxable year. Description of tax bills relating to election of alternate valuation date on late return (S. ) and the Independent Local Newspaper Act of (S. ): scheduled for a hearing before the Subcommittee on Estate and Gift Taxation of the Committee on Finance on Novem Get this from a library! Description of tax bills relating to election of alternate valuation date on late return (S. ) and the Independent Local Newspaper Act of (S. ): scheduled for a hearing before the Subcommittee on Estate and Gift Taxation of the Committee on Finance on Novem [United States. Congress. Senate. In addition, the proposed regulations, when finalized, will remove temporary regulation § T(b) of the Procedure and Administration Regulations so that estates that fail to Start Printed Page make the alternate valuation election on the last estate tax return filed before the due date or the first return filed after the due date.