Property Acquired from a Decedent and the Proposed Regulations on the Consistent Basis Requirement (PDF)
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IRC Sec. 1014 provides rules governing the determination of basis of property acquired from a decedent. In 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act amended this section to provide that the basis of inherited property must be consistent with the estate tax return. This EIA discusses the rules for determining the basis of inherited property and the proposed regs recently issued to reflect this new provision.
Diane L. Mutolo, J.D., LL.M. is a member of the New York Bar, and her LL.M. is in Taxation. She is the update author for the LexisNexis Matthew Bender treatise, How to Save Time & Taxes Preparing Fiduciary Income Tax Returns.
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