November 15, 2011 is the deadline for estates of those who died in 2010 to elect out of the retroactively reinstated 2010 estate tax, according to Friday's Notice 2011-66. The IRS says it will release the required Form 8939, tentatively titled "Allocation of Increase in Basis for Property Acquired From a Decedent," this fall. Notice 2011-66 discusses various issues surrounding the the 2010 estate tax and the basis allocation rules in IRC Section 1022; note especially that "[p]rior filings purporting to make the Section 1022 Election must be replaced with a timely filed Form 8939" (Notice 2011-6 at page 3).
See "2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates," IR 2011-83 (Aug. 5, 2011).
Posted by David Perry, Associate Editor, Wealth Strategies Journal
See "2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates," IR 2011-83 (Aug. 5, 2011).
Posted by David Perry, Associate Editor, Wealth Strategies Journal
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