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Internal Revenue Bulletin:  2016-42 

October 17, 2016 

GIFT TAX


Table of Contents

Rev. Proc. 2016–49Rev. Proc. 2016–49

This guidance provides procedures to disregard and treat as null and void for transfer tax purposes a qualified terminable interest property (QTIP) election in situations where the QTIP election was not necessary to reduce the estate tax liability to zero. This guidance provides that such procedures are unavailable where QTIP elections are made in estates in which the executor elected portability of the deceased spousal unused exclusion (DSUE) amount under § 2010(c)(5)(A). This guidance modifies and supersedes Rev. Proc. 2001–38, 2001–1 C.B. 1335.


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