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Post Date:  9/8/2015
Last Updated:  9/8/2015

Summary
Cross References
- Notice 2015-57

On July 31, 2015, the President signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which contained a number of tax law provision changes. One provision contained in the new law requires that the executor of an estate that is required to file an estate tax return (Form 706) must furnish, both to the IRS and to all beneficiaries information identifying the value of each interest received as reported on Form 706. IRC section 1014 requires that the FMV used to determine the basis of assets acquired from a decedent be consistent with the value used for estate tax purposes. IRC section 6035(a)(3)(A) states this information statement must be furnished to the beneficiary no later than the earlier of:
- The date which is 30 days after the date on which the Form 706 is required to be filed, including extensions, or
- The date which is 30 days after the date the Form 706 is filed.

Notice 2015-57. The IRC recently extended the due date for filing the above statement. For statements required to be filed with the IRS or furnished to a beneficiary before February 29, 2016, the due date under IRC section 6035(a)(3) is delayed until February 29, 2016. This delay is to allow the IRS time to issue guidance implementing the reporting requirements of IRC section 6035. Executors and other persons required to file or furnish such a statement should not do so until the issuance of forms or further guidance by the IRS addressing the requirements under this new law.

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