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How do you go about doing this for an estate tax return? There is land that may need further remediation costs associated with any possible underground gas tanks in the 1960's. How do you do this when the executor can not give you an estimate of additonal costs at this point? Is there a separate form to file or do you just send a letter to IRS?
Any help would be most appreciated.
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You can file a "Supplemental" Form 706 for the Estate labeled "Protective Claim for Refund" at the top and showing nothing else on the page but including an attached statement clearly indicating the facts and circumstance giving rise to the claim for refund and indicating the claim wil be perfected upon the executor's determination of the amount of the remedial costs associated with property that existed at the date of dealt or the alt valuation date. If the remedial costs are attributable to fact and circumstances arising after date of death (including a subsequent ruling or determination by a municipal or other government agency) and you are beyond a reasonable period for estate administration, you may be faced on with an income tax deduction. Research and document the issue carefully.
Kip Dellinger, CPA
Kallman And Co. LLP
Los Angeles, CA
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