IRS Issues Final Rule on Corrected Treasury Decision Regarding Consistent Basis Reporting Between Estate, Person Acquiring Property from Decedent

The IRS has issued its final rule on the correction to Treasury Decision 9991, regarding consistent basis reporting between estates and persons acquiring property from decedents. The original final rule inadvertently overwrote some previous regulatory language. The correction fixes regulations under I.R.C. §1014(f), §6035, §6721, and §6722, by revising effective date provisions in sections 301.6721-1 and 301.6722-1. Specifically, certain paragraphs apply to information returns and payee statements required to be filed or furnished, on or after January 1, 2026, while other paragraphs apply to returns and statements required after Sept. 17, 2024. [TD 9991, 91 FR 13220, RIN 1545-BM97, 03/19/26] ...