Consistency in Reporting Tax Basis for Income and Estate Tax

WealthManagement.com
Sep 24, 2015

Martin M. Shenkman 

The process of determining the value of estate assets, and filing the required estate
tax return, might all be complicated by recent law changes made by the Surface
Transportation and Veterans Health Care Choice Improvement Act (the Act). Those
changes mandate consistency in the reporting of the income tax basis in assets.
These rules make it more important for executors of estates affected to hire
professional advisors to complete and file an estate tax return, document the income
tax basis for the estate in each asset and inform beneficiaries of their income tax
basis in asset received. The new basis reporting rules are effective after July 31,
2015.

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