For death's in 2010 an election could be made to opt-out of the federal estate tax. Such an election resulted in a modified carry over basis rule being applied to assets in the decedent's estate. Under I.R.C. Sec. 121(d)(11), property acquired from a decedent (or decedent's estate or trust) can take into account the decedent's ownership and use to determine eligibility for the gain exclusion rule. In this administrative ruling, the IRS determined that the I.R.C. Sec. 121(d)(11) provision is not repealed for 2010 deaths, but is repealed by P.L. 111-312 (the 2010 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) for deaths before or after 2010. C.C.M. 201429022 (May 27, 2014).