AICPA Recommends Changes in Estate Tax Basis Rules

The American Institute of CPAs has sent comments to the Internal Revenue Service and the Treasury Department on proposed regulations for estate tax basis reporting.

The proposed regulations implement changes to section 1014 of the Internal Revenue Code mandated by Congress last year under the Surface Transportation and Veterans Health Care Choice Improvement Act to require consistency between the basis of property in the hands of an estate beneficiary and the value reported on the federal estate tax return.  Read More