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  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Calculating Estate Tax Portability Exclusion Amount: Filing Form 706, Rev Proc 2022-32 and Missed Election Relief

$197.00

This course is $0 with these passes:

CPE
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About the Course

Introduction

This course will provide tax advisers with a comprehensive guide to the computation and reporting of 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.

Description

Portability is a game-changer in estate planning. Whether the federal estate tax basic exclusion amount reverts in 2026 to $5,000,000 as adjusted for inflation under current law and with the anti-clawback regulations, ensuring that the unused exclusion of the first spouse to die can be used by the surviving spouse (or surviving spouse's estate) is a critical part of planning for married couples. Determining the DSUE amount involves complex and critical calculations. When a federal estate tax return is filed for the first spouse, the tax preparer makes the portability election.

The portability regulations require the executor of a decedent's estate to calculate the DSUE and report the amount on the estate tax return to elect portability for the surviving spouse. The regulations define the DSUE amount and prescribe a multi-step process for calculating the unused exemption amount.

The key for tax and estate advisers to remember is that portability is not automatic--the executor must elect it. The election requires filing a Form 706, U.S. Estate Tax Return to report the DSUE amount, even when filing an estate return may not be necessary. The surviving spouse can utilize the DSUE of the deceased spouse as an additional gift or estate tax exclusion. Missing the election to port an exemption can prove costly. Revenue Procedure 2017-34 offers relief for certain untimely elections, and Revenue Procedure 2022-32 allows portability to be elected as long as five years after a decedent's death.

Listen as our experienced panel provides detailed and practical guidance on calculating DSUE amounts and dealing with missed elections, discusses the planning opportunities, and offers illustrations on how to report those amounts on Form 709.

Presented By

Michael E. Lehr
Principal
Sims & Campbell

Mr. Lehr's practice is focused entirely on the areas of Estate Planning and Administration, including the use of trusts and other entities for probate avoidance, estate and gift tax savings, and planned giving strategies. He continues to stay on top of estate planning and tax law changes through continuing legal education and his active participation in the Anne Arundel County Bar Association’s Estate Planning study group. Mr. Lehr has taught courses at Anne Arundel Community College. He has served as a lecturer for the Anne Arundel County Bar Association’s Estate Planning Study Group, National Association of Insurance and Financial Advisors, BayWoods of Annapolis, Thrive Networking Group, and the Anne Arundel Estate Planning Council (AAEPC). Mr. Lehr has also given private seminars and workshops for local financial advisors, CPAs, Realtors and governmental agencies about estate planning and administration.

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Kelly Pelletier, JD, CPA
Principal
Baker Newman Noyes

Ms. Pelletier is a Principal in the tax practice at Baker Newman Noyes. She is a member of BNN’s Gifts, Estates & Trust Group, a team of professional advisors who specialize in clients’ trust and estate matters and gifting strategies. With the firm since 2015, Ms. Pelletier focuses her practice on income tax planning and compliance for high-net-worth individuals, trusts, and estates, as well as gift and estate tax planning and compliance. In addition to her specialized tax work, she is a member of the BNN Women’s Committee.

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Christopher C. Weeg
Partner
Comiter Singer

Mr. Weeg is Co-Chair of the firm’s Estate Planning Department. He is Board Certified in both Tax Law and in Wills, Trusts and Estates, distinguishing him as one of twenty-nine Florida lawyers who hold dual certification in those areas of law. As both a double Board-Certified lawyer and a CPA, Mr. Weeg offers a broad depth of knowledge for his clients. His core law practice includes creating comprehensive estate plans tailored to meet clients’ personal objectives in a tax efficient manner, representing fiduciaries in probate and trust administration, and advising on income, gift, estate, and GST tax issues. Mr. Weeg currently serves on the Board of Directors of the East Coast Estate Planning Council and the Palm Beach Tax Institute. He is a Director of the Tax Section of the Florida Bar and is a Member of the Florida Bar Tax Law Certification Committee. Mr. Weeg frequently writes and presents on emerging and technical topics in tax and estate planning. He is also a co-author of the Florida Trusts chapter in Trust Laws in the United States, a treatise published by Globe Law and Business.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

  • event

    Wednesday, February 26, 2025

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Estate tax overview: electing portability
  2. Deceased spousal unused exclusion (DSUE)
  3. Calculating and reporting DSUE on IRS Form 706
  4. Reporting DSUE on Form 709
  5. Case illustration: Form 709
  6. Case illustration: Form 706
  7. Filing Form 706 solely to elect portability
  8. Rev Proc 2022-32 Electing Portability up to 5 Years After Death
  9. Missed elections
  10. Impact of potential law changes on portability

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

Learning Objectives

After completing this course, you will be able to:

  • Determine how to calculate DSUE amounts
  • Verify eligibility for relief from missed portability elections
  • Establish whether portability elections are beneficial
  • Ascertain the simplified rules for estates filing Form 706 for the sole purpose of electing portability
  • Decide whether reporting of DSUE on Forms 706 and 709 for a surviving spouse is correctly done
  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .