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Abstract

The 350-day period during which the federal estate tax was repealed, from January 1, 2010 through December 16, 2010, has ended up causing no end of questions about how the period is to be handled, particularly with respect to the income tax basis for property passing from decedents dying in 2010.1 In addition to a series of IRS publications in August and September of 2011,2 a Form 706 (for use just for decedents dying in 2010) has been issued and a new form for handling the basis adjustments (for those electing to use the carryover basis option for 2010 deaths), Form 8939, has been issued followed by publication of the instructions for that form which have provided additional guidance on the option of electing a carryover basis for assets owned by and acquired from 2010 decedents.

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