By S. Eva Wolf
On July 31, 2015, the laws addressing the basis of property acquired from a decedent were revised. Among other things, the new laws require an executor to provide to the IRS and to each estate beneficiary a statement identifying the value of each interest in property received by a beneficiary. The executor must furnish the statement no later than the earlier of 30 days after the due date of the estate tax return or 30 days after the date the estate tax return is filed. However, through Notice 2015-57, issued by the IRS earlier today, the due date was delayed to February 29, 2016. The delay will allow the Treasury Department and the IRS to issue guidance to help executors comply with the revised laws.