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Case: Estate Valuation Special Election Valid, Even if Made on Late-Filed Return (E.D. Mich.) (IRC §2032A)

Nov. 22, 2022, 5:00 AM

An estate’s election to value farm property using the special valuation method under I.R.C. §2032A was valid, even though the estate tax return to which the election was attached was filed more than five years late, a district court held. In denying the government’s motion for summary judgment, the court upheld the estate’s reliance on Temp. Reg. §22.0(b), which prescribes the method for making a special use valuation election by incorporating the provisions of Reg. §20.2032A-8(a)(3), with the explicit exception that the election is valid even if the estate tax return is not timely filed. ...