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.
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