IRS Releases Form 8939, Instructions For Electing Out Of 2010 Estate Tax And Applying Modified Carryover Basis

Abstract

The IRS has posted final Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, and its Instructions, on the agency's website. Executors will use Form 8939 to make a "Section 1022 Election" to opt out of the 2010 estate tax and apply modified carryover basis. If an executor makes the Section 1022 Election, the IRS explained that there is no estate tax.