ESTATE TAX

T.D. 9593, page 17. REG–141832–11, page 54. Temporary and proposed regulations under section 2010 of the Code 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, the 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. The portability rules apply to married spouses where the death of the first spouse to die occurs on or after January 1, 2011.