2010 Deaths and Carryover Basis Resources 


    Background

    Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010.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of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act.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 1/17/12.  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


     Date    Topic
     09/20/2011  Analyzing the Carryover Basis Election Impact on 2010 Estates
     05/20/2011  The Top 15 Estate Planning Ideas that CPA Financial Planners Should Consider Now
     02/09/2011  Generation Skipping Transfer Tax Planning In-Depth
     02/03/2011  Financial & Estate Planning in 2011, 2012 and Beyond: A Game Plan for Practitioners and Their Clients
     01/05/2011  2011 Estate Planning - Lame Duck Session Wrap Up: What Planners Need to Know
     02/15/2010  2010 Year-End Planning: Taking Advantage of Legislative Chaos
     12/14/2010  Carryover Basis In-Depth: What CPAs To Know About The New Rules

    Advocacy Documents

     Note:  For 2011 and 2012 death and portability issues, see the 2011 deaths portability resources page.




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