The IRS has published a private letter ruling on Section 2056(b)(7), granting the taxpayer an extension of time to make a qualified terminable interest property (QTIP) election on a supplemental Form 706 for the assets passing to the Marital Farm Trust created under the decedent’s trust. The ruling permitted the late QTIP election for the decedent’s taxable year of estate. [PLR 202538019]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
