IRS Extends Filing Due Date for Carryover Basis Form to Early 2012

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IRS announces that large estates of people who died in 2010 will now have until early next year to file required returns and pay any estate taxes due, among them the Form 8939 for electing into the carryover basis regime. A longer lead time in filing the form is a much sought-after piece of relief from the new modified carryover basis plan. Under Notice 2011-76, large estates opting out of the estate tax regime now have until Jan. 17, 2012, to file Form 8939. The special carryover basis form, Allocation of Increase in Basis for Property Acquired From a Decedent, which is required of estates making that choice, was previously due Nov. 15, 2011.