The IRS has issued Rev. Proc. 2011-41, which provides a safe harbor related to the interpretation and application of section 1022.
Rev. Proc. 2011-41 provides that property acquired from a decedent is typically property that is transferred from the decedent's estate and includes qualified property transferred during the decedent's lifetime.
See "Carryover Basis Election Guidance Released. Form 8939 Due November 15," 2011 TNT 152-2, August 8, 2011.
Posted by Brian Spring, Associate Editor, Wealth Strategies Journal.

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