26 U.S.C. § 6035 — Basis information to persons acquiring property from decedent
submitted 11 years ago by Pub. L. 114-41 to r/title-26-INTERNAL-REVENUE-CODE · 336 words · no verdicts yet
This section requires executors and certain beneficiaries to report basis information for property included in a decedent's gross estate. It sets deadlines and directs regulations for special situations.
(a)(1) The executor of an estate required to file under section 6018(a) must give the Secretary* and each person acquiring an interest in property included in the decedent's Federal-estate-tax gross estate a statement identifying the value reported for that interest and other information the Secretary requires. (2) Each person required to file under section 6018(b) must give the Secretary and every other legal or beneficial interest holder in the related property a statement identifying that information. (3)(A) The statement must be furnished when the Secretary prescribes, but no later than the earlier of 30 days after the section 6018 return's due date, including extensions, or 30 days after it is filed. (B) If the reported information is later adjusted, a supplemental statement must be filed within 30 days after the adjustment. (b) The Secretary must issue regulations, including rules for property for which no estate-tax return is required and situations where a surviving joint tenant or other recipient may know the property's basis or fair market value better than the executor.
The executor of any estate required to file a return under section 6018(a) shall furnish to the Secretary* and to each person acquiring any interest in property included in the decedent’s gross estate for Federal estate tax purposes a statement identifying the value of each interest in such property as reported on such return and such other information with respect to such interest as the Secretary may prescribe.
Each person required to file a return under section 6018(b) shall furnish to the Secretary and to each other person who holds a legal or beneficial interest in the property to which such return relates a statement identifying the information described in paragraph (1).
Each statement required to be furnished under paragraph (1) or (2) shall be furnished at such time as the Secretary may prescribe, but in no case at a time later than the earlier of—
the date which is 30 days after the date on which the return under section 6018 was required to be filed (including extensions, if any), or
the date which is 30 days after the date such return is filed.
In any case in which there is an adjustment to the information required to be included on a statement filed under paragraph (1) or (2) after such statement has been filed, a supplemental statement under such paragraph shall be filed not later than the date which is 30 days after such adjustment is made.
The Secretary shall prescribe such regulations as necessary to carry out this section, including regulations relating to—
the application of this section to property with regard to which no estate tax return is required to be filed, and
situations in which the surviving joint tenant or other recipient may have better information than the executor regarding the basis or fair market value of the property.
Source credit: (Added Pub. L. 114–41, title II, § 2004(b)(1), July 31, 2015, 129 Stat. 455.)
- 2015Enacted · Pub. L. 114-41 · 129 Stat. 455
A history note hasn’t been published yet. The record shows enactment by Pub. L. 114-41 on 2015-07-31.
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