Internal Revenue Service grants extension of filing deadline for certain estates to make portability election — Notice 2012-21 (Feb. 17, 2012) grants executors of certain estates a six month extension to file a federal estate tax return (Form 706) to make the portability election. The extension is only applicable to estates in which: (1) the decedent died in the first six months of 2011 and was survived by a spouse, and (2) the gross estate was no greater than $5 million.
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