August 16, 2011
Partner Ron Aucutt was quoted in the lead article of BNA’s Aug. 16 Daily Tax Report, titled “Estate Advisers Say 90-Day Window for Filing Form 8939 Needed.” He comments about the IRS’ Nov. 15 deadline to file Form 8939, the basis allocation form required to be filed by executors opting out of the estate tax, when the final form has yet to be published:
"Until fiduciaries have the actual Form 8939 and instructions, they won't be able to focus as meaningfully on what they need to do," Ron Aucutt, a partner with McGuireWoods, told BNA Aug. 8. However, Aucutt does not believe IRS will wait until early fall to issue the form – which allocates increase in basis for property acquired from a decedent – as it said in its most recent guidance."I wouldn't be surprised to see the form released in a week or two, and then it will still not be due for about 90 days, like the IRS has said in the past," Aucutt said.