Taxation Law

Taxation Law

Section Blog

IRS Revokes Relief From Late QTIP Election (1)

by Lisa M. Rico , posted Tue, Mar 15, 2011 8:13 PM

On March 4, 2011 the IRS released Private Letter Ruling 201109012, which revokes Private Letter Ruling 201025021.  Private Letter Ruling 201025021 granted an extention of time to make an inter vivos QTIP election under IRC sec. 2523(f)(4) pursuant to Treas. Regs. secs. 301.9100-1 and 301.9100-3. 

The IRS has determined that Private Letter Ruling 201025021 was issued in error and that it did not have discretion to grant an extenstion of time under Treas. Regs. secs. 301.9100-1 and 301.9100-3 since the time for filing an inter vivos QTIP election is fixed by statute (IRC sec. 2523(f)(4).  Sections 301.9100-1 and 301.9100-3 are only applicable to requests for extensions of time fixed by regulations or other published guidance. 

Private Letter Ruling 201025021 was retroactively revoked to February 19, 2010.

©2014 Massachusetts Bar Association