Form 8939 and Instructions

By rwithers | October 7, 2011

This is quick alert for our readers.  Yesterday, the IRS posted Form 8939, Allocation of Basis Increase for Property Acquired from a Decedent, and today, the IRS posted the instructions to the Form 8939.  The Form 8939 has been substantially revised since the last release, and this is the first set of instructions issued by…

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Form 8939 Filing Deadline Extended

By rwithers | September 13, 2011

Today, pursuant to Notice 2011-76 (the “Notice”), the IRS extended the due date for filing the Form 8939 from November 15, 2011 to January 17, 2012.  This Notice is unexpected considering shortly ago on August 29, 2011 the IRS issued Notice 2011-66 extending the deadline for filing the Form 8939 to November  15, 2011.  Rev. Proc. 2011-41 was…

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Form 8939 Guidance Concerning the Generation-Skipping Transfer (GST) Tax

By rwithers | August 10, 2011

By Matthew J. Ahearn and Brian M. Malec This post continues on from our immediately previous posting concerning the Section 1022 election and filing requirements.  In this post, we will discuss the GST tax guidance in Notice 2011-66 (the “Notice”). A. Decedents Who Died in 2010. TRUIRJCA retroactively reinstated the GST tax for 2010, but…

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Form 8939 Notice and Guidance

By rwithers | August 8, 2011

By Matthew J. Ahearn and Brian M. Malec On Friday, August 5, 2011, the IRS issued Notice 2011-66 and Rev. Proc. 2011-41 to provide guidance concerning the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUIRJCA). Under TRUIRJCA, an election may be made to opt out of the estate tax and into…

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IRS Responds to ABA Comments to Draft Form 8939

By bmalec | March 11, 2011

On January 31, 2011, the Real Property, Trust & Estate Law Section of the ABA submitted comments to the IRS on the draft Form 8939 released by the IRS on December 16, 2011. Robert Chapman of the IRS Forms Desk responded a week later. Here are a few highlights from the IRS response. 1. Due…

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The Tax Relief Act of 2010: Three Estate Planning Themes

By ldetzel | February 7, 2011

My high school English teacher could never get me to find the themes of The Great Gatsby or The Red Badge of Courage (or anything else we read, for that matter), but apparently I am enough of a tax geek to see themes in the estate tax provisions of the Tax Relief Act of 2010….

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