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Proposed Property Value and Basis Reporting Rules Create Challenges

Proposed Property Value and Basis Reporting Rules Create Challenges

The requirements raise a number of practical and legal issues
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In this day and age of tax transparency and information sharing, executors are now subject to additional property value information reporting obligations to the Internal Revenue Service and beneficiaries. Beneficiaries who acquire property from a decedent are, in turn, required to align the basis of inherited property reported for income tax purposes with the value of the property as reported by executors for federal estate tax purposes—all in the pursuit of additional tax revenue,

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