Deceased S corporation shareholders and the carryover basis election

12/7/2011 | Tax Adviser, The

Estates of people who died in 2010 have only until Jan. 17 to decide whether to elect to have the modified carryover basis rules of IRC section 1022 apply. In the case of decedents who were S corporation shareholders, this decision is complicated by issues involving S corporation basis, income in respect of a decedent, the passive loss rules, and other considerations. This article provides an in-depth discussion of the opportunities and pitfalls involved.

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Tax Adviser, The

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