IRS Issues Rev. Proc. 2011-41

The IRS issued Rev. Proc. 2011-41, which creates a safe harbor for section 1022’s application and interpretation. It states that property acquired from a decedent typically consists of property that transfers from the decedent’s estate, including any qualified property the decedent transferred during his or her lifetime.

See Brian Spring, IRS Issues Rev. Proc 2011-41 Regarding Safe Harbor Related to the Interpretation and Application of Section 1022, Wealth Strategies Journal, Aug. 10, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.