The Section 1022 election to opt out of the federal estate tax and into the modified carryover basis regime for the estates of people who died in 2010 is coming up in mid-January.
The election must be made on a Form 8939, “Allocation of Increase in Basis for Property Acquired from a Decedent,” and must be filed on a timely basis no later than Jan. 17, 2012. No extension of time to file the election will be permitted by the IRS.
BNA Tax & Accounting is planning to host a new webinar on filing the Form 8939 explaining how to determine the required information that needs to be shared with estate beneficiaries, along with the allocation of generation-skipping transfer tax exemption and the ancillary effects of the Section 1022 election.
During the live webinar, participants will be provided with information on the filing deadlines and relief provisions, the role of fair market value, carryover basis, the three components of the basis increase and their computation, considerations in allocating the basis increase, sharing basis information with estate beneficiaries, and filing a Schedule R (GST Schedule) with the Form 8939.
During the webinar, Craig L. Janes and Laura H. Peebles of Deloitte Tax LLP will discuss these and other topics, including the effects of the Section 1022 election on holding periods for inherited assets, the character of inherited property, the depreciation of inherited property, the Section 754 election, treatment of the decedent's suspended passive losses, gain recognition on trust funding, the Section 645 election, and the application of Section 684 when funding offshore bequests.
The webinar, “Form 8939 Allocation of Increase in Basis for Property Acquired From a Decedent who Died in 2010,” is scheduled to take place Tuesday, Nov. 29, 2011, from 12:30 P.M. – 2:00 P.M., ET. To register and for further information about CLE and CPE credits, click on this link.
-- This article first appeared on Accounting Today.