BDO USA has published an article, “IRS Issues Proposed RegulationsThat Refine Estate and Gift Tax Anti-Clawback Rule”, published on BDO USA. The abstract is as follows:
The Treasury Department on April 26, 2022, released proposed regulations limiting the anti-clawback rule previously published on November 26, 2019. The proposed regulations – REG-118913-21 – address certain situations in which an estate could be taxed on gifts made by a donor after 2017 and before a reduction in the basic exclusion amount (BEA), wherein the gifts were free of gift tax when made.
Comments on the proposed regulations must be submitted to the IRS by July 26, 2022.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.