2010 Estate Tax and GST Guidance Finally Arrives!

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2010 Estate Tax and GST Guidance Finally Arrives!

Substance, yes, but…where’s the Form?   On August 5, 2011, IRS released the much anticipated Notice 2011-66 clarifying, for decedents dying in 2010, the time and manner in which an executor may elect out of the $5 million estate tax exemption and opt in to the carryover basis rules under Section 1022 of the code. Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, is the manner by which to make this election, and it will be due no later than November 15, 2011. Unfortunately, there is no extension of time available for this form, and there is no protective election available if IRS subsequently adjusts the value of the estate above the $5 million dollar mark. Executors and practitioners have a little more than three months to compile the necessary information to comply with the filing requirement. The only problem is that the form is STILL not available, and not due for release until “early fall”. With the first day of fall coming September 23rd, we must hope this form is issued sooner, rather than later!

By | 2015-06-05T19:29:03+00:00 August 30th, 2011|Estate & Trust, Financial Institutions, News & Events|0 Comments

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Bobby M. Bragg

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