Hanna and Joshua were married for 37 years when Hanna passed away suddenly this year (2024). Neither Hanna nor Joshua had made any adjusted taxable gifts up to the date of Hanna's death. All assets owned by each spouse were/are held in sole ownership. Hanna's Will bequeaths her entire estate to Joshua. The Executor of Hanna's estate requires assistance in making a Portability Election in Hanna's estate.

Please help her fulfill these requirements by identifying which of the following items is not a requirement for electing portability?

I. Hanna and Joshua had to be legally married at Hanna's death.

II. The Executor must prepare and file a Federal Estate Tax Return (Form 706) for Hanna's estate.

III. An election to claim portability can be made by timely filing Form 706 by the due date, including any extensions granted.

IV. Joshua must consent on Form 706 to not remarrying for a 10 year period following Hanna's death to avoid recapture of the DSUE.

V. The Executor must elect Alternate Valuation of all assets on Form 706.