Rubin on Tax: New Basis Consistency and Reporting Proposed Regulations – Did the IRS go too far?

Charles Rubin discusses in his article the proposed regulations under new Code Sections 1014(f) and Section 6035, relating to assets received from a decedent. He questions their two requirements: the zero basis for assets not reported on an estate tax return and the endless Form 8971 filings.

The article beings as follows:

The IRS has issued proposed regulations under new Code Sections 1014(f) (relating to requirements that the initial income tax basis of an asset received from a decedent cannot exceed the estate tax basis of that asset) and Section 6035 (relating to the reporting of basis on property acquired from a decedent). You can read those regulations here and here.

The proposed regulations have two requirements which are eyebrow raising (to say the least), and of questionable validity.

Find the full article here

Posted by Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal