The American Institute of CPAs has sent comments to the Internal Revenue Service and the Treasury Department asking for changes in the IRS’s draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and draft instructions.
In its Jan. 29 letter, the AICPA suggested eight recommendations for consideration by the IRS. Among them, the AICPA asked for IRS to clarify that if IRS Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return, is filed solely for electing portability, the Form 8971 is not required.
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