Highway Bill Paves New Road to Estate Tax Compliance

October 15, 2015Article
Bloomberg BNA

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Pub. L. No. 114-41), signed into law by President Barack Obama on July 31, provides temporary funding for highway and transportation projects by introducing new tax compliance measures. In addition to modifying tax return filing deadlines for partnerships and increasing the information reported in a mortgage interest statement, the tax compliance measures in the Surface Transportation Act target a perceived abuse of inconsistent basis reporting of property inherited with a stepped-up basis when a sale of the property is later reported by the beneficiary.