IRS Clarifies Certain Filing Dates And Procedures For 2010 Decedents And Application Of Carryover Basis Rules

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On August 5, 2011, the Internal Revenue Service issued two pronouncements related to the estates of persons who died in 2010. Notice 2011-66 explains how and when certain elections are to be made and Rev. Proc. 2011-41 provides certain clarifications of the manner in which the carryover basis rules of Internal Revenue Code Section (Section) 1022 are to be applied.

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