The American College of Trust and Estates Counsel (ACTEC) has sent comments to the Internal Revenue Service on the proposed regulations for basis reporting by estates.
These comments should be of interest to practitioners concerned about compliance with the new basis reporting rules and the use of Form 8971.
For background on the new basis reporting rules and Form 8971, see “Consistent Basis Reporting Required,” “New Basis Reporting Form,” and “Basis Reporting Form Released.”
The due date for Form 8971 has been postponed until June 30, 2016. Notice 16-27 (3/23/16).