AICPA Comments on Section 2642(g) Final Regulations

AICPA submitted comments on on the section 2642(g) final regulations (Treas. Reg. § 26.2642-7), which provide relief provisions respecting timely allocation of GST exemption and certain GST elections. AICPA suggested Treasury and IRS extend the relief provided by Rev. Proc. 2004-46 to tax years 2001 and later, and suggested a simplified procedure for obtaining an extension of time to elect out of automatic allocation of GST exemption to indirect skips, similar to Rev. Proc. 2004-46.