Executors of estates of decedents who died in 2010 face a tough choice under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Act). Should they elect to subject the estate to federal estate tax liability and get a step-up in basis of the assets or opt out of the estate tax into a modified carryover basis? (For more information on this election, see “The 2010 Tax Act Election,” by Michael J. Jones in our April 2011 issue, p. 18.) Although ...

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