Bloomberg BNA's Daily Tax Report spoke with Caplin & Drysdale President Beth Shapiro Kaufman concerning President Obama's 2017 budget which would expand an estate tax basis consistency proposal the administration offered last year that ultimately was enacted, with changes, in the 2015 Surface Transportation and Veterans Health Care Choice Improvement Act. The expanded proposal was the only new one in the FY 2017 budget plan that dealt with modifying estate and gift tax provisions.
Excerpt taken from the article.
Attorneys and estate advisers already have many questions about the law, Beth Kaufman, a member with Caplin & Drysdale Chartered, told Bloomberg BNA Feb. 9. "It would be nice to get some of those questions answered before we expand the scope of the reporting requirements," she said.
She also said subjecting property transferred by gift to the basis consistency requirement has the potential to impact a much larger group of people than are currently impacted. "It looks significantly broader than what we already have for consistency in basis for assets passing at death," she said.
The proposal applies to any gift required to be reported on a return, she said. "It doesn't talk about people who have gift tax liability; it says gifts required to be reported on a federal gift tax return."