Tips From the Pros: What Basis Consistency Regulations?Tips From the Pros: What Basis Consistency Regulations?
Charles A. Redd details the problematic provisions of the proposed regulations regarding the determination of the final value of property for the purposes of establishing its basis.
President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act) into law on July 31, 2015.1 The Act was effective immediately and affects all United States Estate (and Generation-Skipping Transfer) Tax Returns (Form 706) filed after July 31, 2015. Section 2004 of the Act added a new subsection (f) to Internal Revenue Code Section 1014, added a new Section 6035 to the IRC and amended IRC Sections 6662 and 6724.
Summary of Statutory Provisions
IRC Section 1014(f)(1) provides that the basis of property acquired or having passed from a decedent shall not exceed the final value of such property as determined for estate tax purposes or, if the final value hasn’t been determined, the value of th...
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