ESTATE TAX

Notice 2011–76, page 479. This notice grants each executor of an estate of a decedent who died in 2010 an automatic 6-month extension of time to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, or Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return, Estate of non- resident not a citizen of the United States, and to pay the estate tax, if the executor files an extension request. The notice also changes the due date of Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, to January 17, 2012. In addition, it provides limited penalty relief to recipients who sold property in 2010 that they acquired from a decedent whose executor elected for the provisions of section 1022 of the Code to apply to such property. Finally, it extends the date to affirmatively allocate the generation-skipping transfer (GST) exemption and provides guidance on the application of the automatic allocation of GST exemption for decedents who died in 2010.