“Thought for the Day” #678 – by Stephen R. Elville, J.D., LL.M.

March 3, 2016

The Internal Revenue Service has recently introduced new basis consistency rules affecting executors of estates who file Form 706 (federal estate tax return) – namely, Form 8971 – Information Regarding Beneficiaries Acquiring Property From a Decedent, applicable to any executor of an estate required to file Form 706 after July 2015. For certain executors, the deadline for filing Form 8971 has been extended until March 31, 2016.