Kerry L. Spindler, Esq., Goulston & Storrs, PC
On October 6, 2011, the IRS released Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent.
The executor or administrator of an estate of a 2010 decedent will use Form 8939 if he or she wishes to elect out of the estate tax/step-up basis rules of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and into the zero estate tax/modified carry-over basis rules of the Economic Growth and Tax Relief Reconciliation Act of 2001. Notice 2011-76 extended the filing due date of this form from November 15, 2011 to January 17, 2012. Notice 2011-66 provides guidance with respect to making the election.
The IRS has not yet released instructions to accompany Form 8939.
Update as of October 7, 2011: The Instructions to Form 8939 are now available.