Draft Form for Reporting 2010 Estate Tax Carryover Basis Surfaces

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A draft version of Form 8939, Allocation of Increase in Basis for Property Received from a Decedent, has been circulating among practitioners although it has yet to appear on the IRS website. Dated June 1, Form 8939 will be used to report the allocation of basis adjustments under Section 1022 for estates of decedents dying in 2010, and is a result of the one-year carryover basis regime enacted by Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub. L. No. 107-16). The three-page draft form does not yet have instructions.