Chapter 20 - § 20.36 • JOINDER IN CERTAIN FEDERAL TAX RETURNS

• Jurisdiction: Colorado

§ 20.36 • JOINDER IN CERTAIN FEDERAL TAX RETURNS

Since 1948, the federal income tax law has permitted spouses to file joint returns and "split" their combined incomes, and it has been permissible for a spouse to consent that, for federal gift tax purposes, one-half of a gift by the other spouse be treated as given by the consenting spouse, in both cases bringing about a substantial tax saving. This privilege is available for income tax purposes in the year in which one of the spouses dies, but if availed of, the liability is based not on what is stated in the return but on what the return should have stated, and is joint and several. The gift tax liability likewise becomes joint and several if the privilege is used. I.R.C. §§ 2513 and 2513(d) (1954). If the surviving spouse has omitted a substantial amount of income and the only reason...