There is an exception for 2010 decedents because an executor can opt out of the estate tax.
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But, these are the literal decedents of vault cash and can be exchanged for vault cash on demand.
Form 8939 allows executors of estates of certain decedents who died in 2010 to opt out of the estate tax.
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The list of 2010 decedents includes six billionaires: John Kluge, Walter Shorenstein, Paul Milstein, Dan Duncan, George Steinbrenner, and Mary Janet Cargill.
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For estates of decedents who died December 16, 2010 and before January 1, 2011, the due date is 15 months after the date of death.
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This law gave people who died in 2010 a special tax break: executors of 2010 decedents can opt out of the default estate tax regime.
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If an estate opts out of the federal estate tax for decedents who died in 2010, the step-up in basis in assets for income tax purposes is limited.
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Executors of 2010 decedents can opt out of the estate tax regime by filing a special form: Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent.
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Additionally, estates of most decedents who died in 2010 and have timely requested an extension will have until March 19, 2012 to file their estate tax returns and pay any estate tax due.
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Thanks to their efforts, thousands of heirs of folks who died in Ohio, Pennsylvania and Washington State have won tax refunds, and heirs of Illinois and New Jersey decedents could be in for a similar payday.
Closely held business interests CAN qualify if the estate of the decedents owns 20% of more in ownership interests of the trade, business, or stock thereof and there are 45 or fewer owners of the trade or business.
The estate, gift, and generation-skipping transfer tax provisions of EGTRRA and of the 2010 Act are scheduled to sunset after 2012, such that those provisions do not apply to estates of decedents dying, gifts made, or generation-skipping transfers made after December 31, 2012.
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On September 13, 2011, the IRS released Notice 2011-76, which gives executors of estates of 2010 decedents more time to make an informed decision about whether to stay in the default estate tax regime for 2010 or opt out of the estate tax entirely.
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Based upon the current reading of the Illinois Estate Tax Act as last amended, there is no Illinois estate tax or returns due at this time for 2010 decedents as a result of Federal inaction to extend the Federal estate tax for decedents dying during the calendar year 2010.
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