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Beneficiaries Need to Understand the 'Income in Respect of a Decedent' Deduction
Michael Kitces in Nerd's Eye View 
[Guidance Overview] June 24, 2015
"[T]he Internal Revenue Code allows for an 'Income in Respect of a Decedent' (IRD) deduction under Section 691(c). Claimed by the beneficiary of an inherited IRA to the extent of any estate taxes that were caused by the account, the deduction can be material -- as much as 40% of the value of the account! Yet despite its size, beneficiaries in practice often 'miss' the IRD deduction ... And notably, in the end the IRD deduction applies not only to inherited IRA accounts, but also other employer retirement plans, inherited non-qualified annuities, employer non-qualified stock options, deferred compensation, employer NUA stock, and more!"
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