In CCA 201406010, the IRS, in one sentence, confirmed that when there’s no executor of an estate serving, IRC Section 2203 considers each person who’s in “actual or constructive possession” of the property of the estate an executor. The CCA references Notice 2011-66 (which explains how to elect carry-over basis for the estates of decedents who died in 2010) and notes that if no executor is appointed, any such person in possession of estate property can file a Form 8939 for the property he possesses. The IRS seems to confirm a comment that once there’s no longer an appointed executor (that is, after probate has been closed), the beneficiaries of the estate would be able to act on behalf of the estate.
Next Part 6 of 10: Incomplete Gift Non-Grantor Trusts