SECTION 7. DRAFTING

INFORMATION

The principal author of this revenue procedure is Juli Ro Kim of the Office of Associate Chief Counsel (Passthroughs & Special Industries). For further information regarding this revenue procedure contact Ms. Kim on (202) 317-6859 (not a toll-free number).

Section 2010.—Unified Credit Against Estate Tax

26 C.F.R. 20.2010–2: Portability provisions applicable to estate of a decedent survived by a spouse. 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. See Rev. Proc. 2016–49, page 462.

Section 2044.—Certain Property For Which Marital Deduction Was Previously Allowed

26 C.F.R. 20.2044-1: Certain property for which marital deduction was previously allowed.

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

October 17, 2016 464 Bulletin No. 2016–42

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. See Rev. Proc. 2016-49, page 462.

Section 2056.—Bequests, Etc., To Surviving Spouse

26 C.F.R. 20.2056(b)-7: Election with respect to life estate for surviving spouse.

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 es

tates 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. See Rev. Proc. 2016-49, page 462.

Section 2519.—Dispositions of Certain Life Estates

26 C.F.R. 25.2519-1: Dispositions of certain life estates.

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. See Rev. Proc. 2016-49, page 462.

Section 2652.—Other Definitions

26 C.F.R. 26.2652-1: Transferor defined; other definitions.

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. See Rev. Proc. 2016-49, page 462.

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Rev. Proc. 2016–51

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