Section 6166

Background of Section 6166

IRC Section 6166(a) provides that, if certain conditions within section 6166 are satisfied, payment of the estate tax attributable to the value of a closely held business included in the decedent's gross estate can be paid in installments for a period of time after the estate tax return due date. The number of such installments can range from a minimum of 2 to a maximum of 10.

D7_ID
62 bytes

Tags

Section 6166 with Section 2044 QTIP Property and a Section 2207A Allocation

Husband and Wife together operated several closely held businesses. The business assets were transferred into a Family Trust. Section 2044 QTIP property is included in a surviving spouse's estate, which files a section 6166 election. Assets included in the QTIP trusts qualified for a section 6166 election at the time of the first spouse's death. Separate assets included in the surviving spouse's estate also qualified as section 6166 closely held businesses.

D7_ID
119 bytes

Tags

Section 6166