IRS Delays New Sec. 6035 Basis Reporting

In Notice 2015-57, the IRS has announced that the due date for the first new tax basis reports that must be filed under new IRC section 6035 is postponed to February 29, 2016.

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (enacted 7/31/2015 as P.L. 114 – 41), created new sections 1014(f) and 6035, which require basis reporting for income tax purposes consistent with the values reported for federal estate tax purposes.  New section 6035 requires that that basis statements be filed with the IRS and affected beneficiaries within 30 days of the filing of an estate tax return (or the date the estate tax return is due), beginning with returns filed after the date of enactment, which means that statements could be due as early as August 30.  In order to allow the Treasury Department and IRS to issue guidance implementing the reporting requirements of section 6035, the due date for statements required before February 29, 2016, is delayed to February 29, 2016.

The Treasury Department and the IRS are inviting comments on possible regulations or other guidance, and comments can be submitted to:

CC:PA:LPD:PR (Notice 2015 – 57), Room 5203
Internal Revenue Service
P.O. Box 7604
Ben Franklin Station
Washington, DC 20044.

Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to

CC:PA:LPD:PR (Notice 2015 – 57)
Courier’s Desk
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20044

Comments may also be sent by email to with “Notice 2015-57” in the subject line.

The principal author of the notice is Theresa Melchiorre of the Office of the Associate Chief Counsel (Passthroughs & Special Industries), (202) 317-6859.

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