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On September 17, 2024, Treasury and the IRS published final regulations (TD 9991) providing guidance on the statutory consistent basis reporting rule set forth in section 1014(f). The consistent basis reporting rule requires that a recipient's basis in property acquired from a decedent must be consistent with the value of such property as determined for federal estate tax purposes in the decedent's estate tax proceeding.
This alert provides an overview of the current regulatory framework for the consistent basis reporting rules based on the final regulations, highlighting, where appropriate, the revisions the final regulations make to certain rules contained in the proposed regulations.
Click here to read the full alert.
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