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Capital Letter No. 29

By Gerry W. Beyer

Taxes-dollarsRonald D. Aucutt recently published Capital Letter No. 29 (Sep. 6, 2011) on the ACTEC website. Some of the tax issues Aucutt discusses in the letter include:

  • Legislative background on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of of 2010 and the future plans of the IRS to provide further guidance regarding the filing of Form 8939
  • The Guidance provided in Notice 2011-66, 2011-35 I.R.B. 179 (posted on August 5, 2011) regarding carryover basis rules and the election out of the estate tax
  • Elaborations and clarifications found in Revenue Procedure 2011-41, 2011-35 I.R.B 188 (released on August 5, 2011) regarding the rules governing allocations of basis increases allowed by EGTRRA.
  • The release of the Treasury-IRS Priority Guidance Plan on September 2, 2011
  • The posting of the 2010 estate tax return – Form 706 – on the IRS website on September 3, 2011

Posted in:
Estate Tax, Gift Tax and Income Tax