The IRS is giving some executors more time to make a big decision. Initially, it set a Nov. 15, 2011, deadline to choose between estate tax repeal for estates of decedents dying in 2010 and carrying over the basis of inherited assets. Now they have until Jan. 17, 2012, to elect to bypass the estate tax.
The IRS also extended the due date for filing 2010 estate tax returns to March 19, 2012, for certain executors who previously requested an extension.
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