Internal Revenue Bulletin:  2015-26 

June 29, 2015 

ESTATE TAX


Table of Contents

Rev. Proc. 2015–37Rev. Proc. 2015–37

Revenue Procedure 2015–37 amplifies section 5.01 of Revenue Procedure 2015–3 and provides that, until the Service resolves the issue through publication of a revenue ruling, revenue procedure, regulations, or otherwise, the Service will not issue rulings to taxpayers concerning whether the assets in a grantor trust receive a § 1014 basis step-up at the death of the deemed owner of the trust for income tax purposes when those assets are not includible in the gross estate of that owner under chapter 11 of subtitle B of the Internal Revenue Code.

TD 9725T.D. 9725

These final regulations provide rules for determining the applicable credit amount and applicable exclusion amount allowed to the estate of a decedent against the gift or estate tax. In addition, these final regulations provide rules for electing portability of a deceased spousal unused exclusion amount to the surviving spouse and rules regarding the surviving spouse's use of this amount. Portability of a deceased spousal unused exclusion amount is available where the death of the first spouse to die occurs on or after January 1, 2011.


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