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The Carryover Basis Election for 2010 Decedents

OnDemand Webinar (90 minutes)

2010 was the most complex year in the history of the estate tax to administer an estate. The 2001 Tax Act, EGTRRA enacted IRC Section 2210, which made the estate tax inapplicable to 2010 estates, and the GST tax inapplicable to generation-skipping transfers made in 2010. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") Section 301(c) permitted 2010 personal representatives the option to choose the carryover basis rules of IRC Section 1022 (i.e., no estate tax) regime instead of the estate tax regime. TRA also reinstated the GST tax to January 1, 2010 but with a zero percent GST tax rate. There remained considerably uncertainty. Form 8939 "Allocation of Increase in Basis for Property Acquired From a Decedent," is the primary tax return to elect the optional carryover basis provisions, but until the recent pronouncements there was no final form or guidance.

These pronouncements are the key guidance for all professionals endeavoring to apply the 2001 law to 2010 estates. The complexities are legion and the Form must be filed, implying all decisions made, by November 15, 2011. This OnDemand Webinar will provide an overview of the law and issues, review the two recent pronouncement, cover issues they raise and attempt to provide attorneys, accountants, financial advisers and others dealing with 2010 estates, some practical guidance as to how to proceed.

Authors

Martin M. Shenkman, CPA, M.B.A., J.D., Martin M. Shenkman, P.C.
Bruce D. Steiner, Kleinberg, Kaplan, Wolff & Cohen, P.C.

Agenda

Notice 2011-66

• Tax Return Filing Issues Under IRC Sec. 6018

• Making the Election Under IRC Sec. 1022

• Who May Make the Election

• Amending Returns

• Extensions of the Filing Deadline

• Making the GST Election for 2010 Transfers

Revenue Procedure 2011-41

• Establish Safe Harbors to Address Various Carryover Basis Issues and IRC Sec. 1022

• Allocating the Limited Tax Basis Adjustment (Increases) Permitted to 2010 Estates to Assets Sold During Estate Administration

• Impact of Community Property

• Treatment of Passive Losses

• Determining Holding Period

• Calculating Decedent's Share of Loss Carryovers

• Tax Consequences of Transfers to Nonresident Aliens

• Testamentary Charitable Remainder Trusts