RP-2016-49: Qualified terminable interest property

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September 27, 2016

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Issue Number: RP-2016-49

Inside This Issue

Revenue Procedure 2016-49 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.

Revenue Procedure 2016-49 will be published in IRB 2016-42 on October 17, 2016.

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