IRS T.D.: Consistent Basis Reporting Between Estate, Person Acquiring Property From Decedent (IRC §1014)

Final rules that provide guidance on the statutory requirement that a recipient’s basis in certain property acquired from a decedent be consistent with the value of the property as finally determined for federal estate tax purposes, the IRS released. The final rules provide guidance on the statutory requirements that executors and other persons provide basis information to the IRS and to the recipients of certain property. The statutory consistent basis requirement rules affect recipients of property acquired from a decedent if the inclusion of the value of the property in the decedent’s gross estate increases the federal estate tax liability. ...