On March 31, 2011, the IRS announced (IR-2011-33) that Form 8939, used to allocate that tax basis increase permitted under IRC Section 1022 to the assets of persons who died in 2010, does not have to be filed by April 18, 2011, and should not be filed with the decedent’s final income tax return. The IRS will issue guidance announcing the due date for filing this form at a later date. The form itself will be released shortly after the guidance is issued. The IRS assured that a reasonable period will be given between the release of the guidance and the due date that it imposes.
The IRS also stated that the same guidance would explain how to make the election to have estate tax not apply to the estates of decedents who died in 2010.