The IRS released final Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent

The executor of an estate of a decedent who died in 2010 can elect to apply modified carryover basis treatment to property acquired from the decedent. If the election is made the estate will not be subject to federal estate tax and does not need to file a form 706 even if the value of the estate is $5mil or more. Instead, in most cases the recipient’s basis will be the LESSER of the decedent’s basis or the FMV at the date of death. The election is irrevocable after the due date of return.


http://www.irs.gov/pub/irs-pdf/i8939.pdf