Deadline Approaches for Estates to Choose Zero Estate Tax

The Jan. 17, 2012 deadline is fast approaching for estates of decedents who died in 2010 to choose zero estate tax—with beneficiaries being limited to the decedents' basis plus certain increases under Code Sec. 1022—by filing a Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. (Please be sure to consult a professional tax advisor before electing zero estate taxes as it will not always give you the best tax benefit. )