A Proposed Rule Document has been issued by the IRS and proposes regulations which would provide guidance for the requirement that a recipient’s basis in certain property acquired from a descendant be consistent with the value of the property originally determined for Federal tax purposes. The IRS held a public hearing on June 27 for proposed regulations (REG-127923-15) on the estate basis consistency requirements. Follow this link to view the proposed regulation document: REG-127923-15
Many professionals in the industry submitted requests to attend the public hearing for REG-127923-15 and outlined the presentations they would give as well as provided input. Their proposals and comments can be viewed in full by clicking here.
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal