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The Internal Revenue Service issued guidance on the treatment of basis for certain estates of decedents who died in 2010  (See Notice 2011- 66   and Rev. Proc. 2011- 41)  The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply. 

Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, required to be filed by executors opting out of the estate tax, is due Nov. 15, 2011. However, the Form 8939 has only been issued in draft form. 

The IRS says that it expects to issue the final form with instructions early this fall.