IRS Issues Final Rules on Estate Basis Consistency Reporting (1)

The IRS and Treasury Department issued final rules Monday providing guidance on the consistent basis reporting between an estate and the person receiving the property.

The guidance (TD 9991, RIN 1545-BM97), focusing on sections 1014(f) and 6035 of the federal tax code, comes after Treasury and the IRS issued proposed rules on the topic in 2016. The rules relate to a 2015 law establishing that there is an obligation for consistency between the basis of certain inherited property and the value of the investment for federal estate tax purposes, and instituted related reporting requirements.

The rules provide more ...