(UPDATE 9/13/11: Form 8939 still has not been released, but the IRS has pushed back the filing deadline to January 17, 2012. Click here for more info.)
The IRS still hasn’t released the new Form 8939 for estates created in 2010. The form will be used to elect out of the estate tax for 2010 and to allocate basis. The IRS had set a November 15th due date for submitting the form, but had also said that the form would be due 90 days after it was finalized. The Iowa State Center for Agricultural Law and Taxation (CALT) says we are now less than 90 days from November 15th:
Aug. 17 was 90 days before November 15 – the date IRS has said that Form 8939 will be due for electing out of the estate tax for deaths in 2010 and the form to be used to allocate basis increase amounts. The Form, however, has still not been finalized. Because IRS has said previously that the Form 8939 would not be due until no earlier than 90 days after it is finalized, the November 15 due date is no longer valid. Stay tuned for further updates on this issue.
CALT has a great webpage that summarizes the 2010 estate tax issues facing larger estates.
Previous Dinesen Tax Times coverage, including links to a draft of Form 8939, can be found here.