Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. However, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. This 2010 law allowed executors of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act. This choice is to be made by filing Form 8939, which was due Jan. 17, 2012. IRS issued implementing guidance and forms (see below links), and did not provide any relief for late filing of the Form 8939. The AICPA advocated and developed tools (see below links) for members on various issues regarding 2010 deaths and carryover basis. For 2011 and 2012 death and portability issues, see the 2011 deaths portability resources page.
AICPA Tools and Practice Aids
Note: For 2011 and 2012 death and portability issues, see the 2011 deaths portability resources page.