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Estate Executors Must Decide 2010 Tax by Nov. 15, IRS Says

The Internal Revenue Service is giving executors of estates of people who died in 2010 until Nov. 15 to opt out of the estate tax.

The federal estate tax was not in effect for most of 2010. When Congress extended the tax retroactively in December, it gave executors of estates of people who died that year a choice. They could decide to skip the estate tax or pay the tax with a $5 million per-person exemption and a 35 percent top rate, the same as in 2011.