Case Summaries Basis Consistency Final Regulations (Published September 17, 2024)

Summary of highlights of the basis consistency final regulations. In particular, three issues in the proposed regulations were highly criticized by planners, and the IRS reversed course as to all three of those issues: (1) reporting of undistributed property, (2) removal of zero basis rule for unreported property, and (3) eliminating subsequent transfer reporting requirement for all beneficiaries other than trustees. These issues and other significant changes from the proposed regulations are highlighted.