New IRS Carryover Basis Guidance Offers Limited Relief for Estates

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New estate tax guidance from IRS offers limited relief for executors who want to file amended carryover basis returns, Steve Akers, a managing director with Bessemer Trust in Dallas, tells BNA. So-called 9100-2 relief in Treasury Department regulations, outlined in Notice 2011-66, allows estate executors to amend their Form 8939 by May 15, 2012. It is perhaps the broadest of four relief provisions IRS granted to combat a general Nov. 15 due date for filing the form, he says. In only one instance are estates allowed to file an amended Form 8939 after the due date, and that is for the sole purpose of allocating spousal property basis increase.

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