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IRS scraps a version of draft Form 8939 that had been widely circulated by practitioners, saying the new version will “differ substantially” from the one that practitioners have seen, an IRS spokesman confirms. “It will be thoroughly revised and an official draft will probably be published on the IRS website by the end of the year,” he says. A June draft of the form for allocation of the increase in basis for property received from a decedent was criticized by practitioners who say it assumed that property in the estate would be distributed directly to the heirs, and did not provide for the reporting of property that is sold by an estate, among other concerns.
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