Highway (Bill) to the Danger Zone: A Practitioner’s Guide to the New Basis Rules of Sections 1014(f) and 6035
Last year's Transportation Act included the surprising introduction of new basis consistency and reporting requirements for the preparation of Estate Tax Returns. Tax changes in the Trade Bill and Highway Bill will significantly complicate the administration of estates where estate tax returns are required to be filed. It is clear that new procedures need to be adopted to comply with the requirements detailed in Sections 1014(f) and 6035.