More On Legal & Compliancefrom The Advisor's Professional Library
- Proxy Voting RIAs are not required to vote proxies on behalf of their clients. However, when an RIA does assume responsibility for voting proxies, the firm’s policies and procedures should help to ensure that votes are cast in the best interest of clients.
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
The IRS issued guidance on Friday for executors who plan to opt out of the estate tax and have carryover basis rules apply for estates of people who died in 2010.
The IRS said an executor who chooses to opt out of the estate tax must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, by Nov. 15. The IRS said it expected to issue Form 8939, which can currently be viewed in draft form, and related instructions early in the autumn.
The agency noted that the Economic Growth and Tax Relief Reconciliation Act of 2001 repealed the estate tax for people who died in 2010. However, the estate tax for those who died in 2010 was reinstated by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law allows executors to elect to be governed by the repealed 2001 carryover basis provisions.