Assume, for this question only, that Kenny and Melissa were married today. They

Question

Assume, for this question only, that Kenny and Melissa were married today. They went straight to Kenny’s lawyer’s office to execute new wills and a QDOT trust document. On the way home from executing a valid will leaving all assets to Melissa, Kenny and Melissa were in a serious car accident. Kenny was comatose for several days before dying. His unpaid medical expenses were $150,000; Melissa had medical expenses for the accident of $10,000. The day after Kenny died, Melissa gave Kenny’s three children and three grandchildren each $22,000 then left for France to stay with her mother. Prior to Kenny's death, Kenny and Melissa gave Kenny's mother $60,000. Kenny’s estate may have some issues liquidating the portfolio to pay taxes; would his estate be eligible to use the installment payments under §6166?

A) Yes, this election would be available.

B) No, this election would not be available.

Explanation / Answer

The election might be available if the total value of interest payment exceeds 35% on a closely held business of the gross estate value amount at the time of death of the descendent then only the election can be held under section 6166.
Thus the answer is:
B) No, this election would not be available.
The election might be available if the total value of interest payment exceeds 35% on a closely held business of the gross estate value amount at the time of death of the decendent then only the election can be held under section 6166.

Thus the answer is:

B) No, this election would not be available.

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