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Issuing guidance for those electing into the carryover basis regime for the estates of decedents in 2010 involves a number of coordination questions, not the least of which is that not all assets have their basis determined under tax code Section 1022, even if the election into carryover has been made, Cathy Hughes, Treasury Department estate and gift tax attorney-adviser, says. “It has to be property that is acquired by the decedent as it is defined in Section 1022, and then the property to which the additional basis can be allocated has to be property not only that was acquired by the decedent, but also owned by the decedent, as that term is defined in Section 1022,” Hughes says on an ABA Section of Taxation Estate and Gift Tax Committee call.
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