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Estate and Elder Law

Elaine Gagliardi on Proposed Treasury Regulations Clarifying I.R.C. Section 1022 Carryover Basis Rules

By Elaine Gagliardi

Proposed treasury regulations have been promulgated to clarify the interaction of the I.R.C. Section 1022 carryover basis rules with other sections of the Internal Revenue Code. In this Emerging Issues Analysis, Elaine Gagliardi, a professor of law at the University of Montana School of Law, writes:

“The Internal Revenue Service, in Revenue Procedure 2011-41, provided guidance on the interaction of I.R.C. Section 1022 with other income tax provisions. Treasury promulgated proposed regulations to become effective on being made final that essentially adopt the position of the revenue procedure with regard to I.R.C. Sections 684, 691, 1221, 1231, 1245 and 1250; however, the proposed regulations omit any discussion of I.R.C. Sections 165, 679, 1040, 2055 and 2702 which are discussed in Revenue Procedure 2011-41. The preamble to the proposed regulations does not discuss why the proposed regulations address some of the provisions addressed in the revenue procedure and not others. In fact the preamble to the proposed regulations makes reference to Revenue Procedure 2011-41 only once in conjunction with its discussion of I.R.C. Section 684.

Revenue Procedure 2011-41 clarifies the interaction of I.R.C. Section 1022 with the other Code sections. . . .”

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