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Estate Taxes – As Filing Deadline Approaches it Create Challenges for Form 8939.

Executors filing the Internal Revenue Service's Form 8939 to elect into the modified carryover basis regime for people who died in 2010 must file the form as completely as possible, keeping in mind that amendments are limited.

You've got one chance to get this thing right and you have a do-over within six months, but you've got to file something by Jan. 17, 2012.

No protective election is permitted and no extension of time is permitted.

Form 8939 allows executors to opt out of the estate tax for 2010 decedents and into a carryover basis regime in which executors can allocate a basis increase of $1.3 million to assets passing to any person, and an additional $3 million to assets passing to a surviving spouse.

Read more at: Tax Times blog

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