Notice 2011-66 provides guidance for executors of estates of decedents who died in 2010 regarding the time and manner of choosing to opt out of the estate tax have the carryover basis rules apply.

Revenue Procedure 2011-41 provides safe harbor guidance regarding property acquired from estates of decedents who died in 2010.

Notice 2011-66 and Revenue Procedure 2011-41 will be published in Internal Revenue Bulletin 2011-35 on August 29, 2011.