A Turbulent Time of Twists and TurnsA Turbulent Time of Twists and Turns

The year 2016 was remarkable and exciting for estate-planning professionals. Among many noteworthy developments, the Internal Revenue Service promulgated two important and controversial compilations of proposed regulations (proposed regs), two significant Tax Court cases were resolved in favor of taxpayers and the election on Nov. 8 produced a startling victory for Donald J. Trump and the Republicans that will certainly have substantial impact on the nation’s tax policy and tax laws.

Basis Consistency

On March 4, 2016, the IRS published temporary and proposed regs¹ providing guidance regarding the basis consistency and information reporting rules of Internal Revenue Code Sections 1014(f) and 6035.² These regulations implement the statutory...