Taking Advantage of the Tax Relief Act of 2010

On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ("2010 Tax Act") became effective. Pub. L. No. 111-312. This new legislation provides planning opportunities for estates of decedent's dying in 2010 and for individuals and estates...

New IRS Guidance for Opting Out of Estate Tax

For decedents dying and transfers made after December 31, 2009, Section 301(c) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312, allows the executor of the decedent's estate to elect to apply the Internal Revenue Code as if the estate tax and step...

IRC §1022 Basis Adjustment Rules for Property Owned by and Acquired from 2010 Decedents

Unless the executor of the estate of an individual who died in 2010 makes the Internal Revenue Code §1022 election, the estate is subject to the federal estate tax. If the executor makes the IRC §1022 election, neither the estate tax law nor IRC §1014 applies, and the basis of property...

IRC §1022 Basis Adjustment Rules for Property Owned by and Acquired from 2010 Decedents

Unless the executor of the estate of an individual who died in 2010 makes the Internal Revenue Code §1022 election, the estate is subject to the federal estate tax. If the executor makes the IRC §1022 election, neither the estate tax law nor IRC §1014 applies, and the basis of property...