On September 13, 2010, the Wall Street Journal (Dow Jones Newswires) published Estate Tax Choice May Be In Works For 2010 -Treasury Official, by Martin Vaughan:
The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official said. . . .
"We need to figure out what to do with this gap period, and one possibility would be to look to filling that gap with an election to apply 2009 law," Mundaca said.
Vaughan reviews other options that are available:
Another option would be to impose estate tax rules retroactively for 2010, but that would be opposed by congressional Republicans and likely some Democrats. A third option would be to leave 2010 law the way it is and pass estate tax changes only prospectively.
See also: Kim Dixon (Reuters): "Obama mulls estate tax choice", Future of the Federal Estate Tax.
(Hat tip: Michael Hepner, a benefits professional; and DPD, a 2010 beneficiary. You will learn more about DPD in a forthcoming post.)