Browse Arkansas Code titles and sections
26 U.S.C. § 6035 — Basis information to persons acquiring property from decedent
Federal law — U.S. Code and appendices · legal_authorities
**(a) Information with respect to property acquired from decedents**
(1) **In general** — The executor of any estate required to file a return under section 6018(a) shall furnish to the Secretary and to each person acquiring any interest in property included in the decedent’s gross estate for Federal estate tax purposes a statement identifying the value of each interest in such property as reported on such return and such other information with respect to such interest as the Secretary may prescribe.
(2) **Statements by beneficiaries** — Each person required to file a return under section 6018(b) shall furnish to the Secretary and to each other person who holds a legal or beneficial interest in the property to which such return relates a statement identifying the information described in paragraph (1).
(3) **Time for furnishing statement**
(A) *In general* — Each statement required to be furnished under paragraph (1) or (2) shall be furnished at such time as the Secretary may prescribe, but in no case at a time later than the earlier of—
(i) the date which is 30 days after the date on which the return under section 6018 was required to be filed (including extensions, if any), or
(ii) the date which is 30 days after the date such return is filed.
(B) *Adjustments* — In any case in which there is an adjustment to the information required to be included on a statement filed under paragraph (1) or (2) after such statement has been filed, a supplemental statement under such paragraph shall be filed not later than the date which is 30 days after such adjustment is made.
**(b) Regulations** The Secretary shall prescribe such regulations as necessary to carry out this section, including regulations relating to—
(1) the application of this section to propert
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6035
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: b7a6565fc6d5cb70423aed595888ef1e4e1853274729ea9fdd24db5932dd0eb1. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_58bd8d274e36fd891f3b90d2
Source file: Laws/federal/codes/united-states-code/title-26/section-6035-basis-information-to-persons-acquiring-property-from-decedent--1c82cebec1.md
Pages: Not recorded – Not recorded
Passage SHA-256: 410dc03b7f8dae3126edce2d23c8e13dda857de5b146a395e7c2a3674e2f6246
Source location: Title 26, Chapter 61, § 6035; chapter-061-information-and-returns.md
Stored source content
**(a) Information with respect to property acquired from decedents**
(1) **In general** — The executor of any estate required to file a return under section 6018(a) shall furnish to the Secretary and to each person acquiring any interest in property included in the decedent’s gross estate for Federal estate tax purposes a statement identifying the value of each interest in such property as reported on such return and such other information with respect to such interest as the Secretary may prescribe.
(2) **Statements by beneficiaries** — Each person required to file a return under section 6018(b) shall furnish to the Secretary and to each other person who holds a legal or beneficial interest in the property to which such return relates a statement identifying the information described in paragraph (1).
(3) **Time for furnishing statement**
(A) *In general* — Each statement required to be furnished under paragraph (1) or (2) shall be furnished at such time as the Secretary may prescribe, but in no case at a time later than the earlier of—
(i) the date which is 30 days after the date on which the return under section 6018 was required to be filed (including extensions, if any), or
(ii) the date which is 30 days after the date such return is filed.
(B) *Adjustments* — In any case in which there is an adjustment to the information required to be included on a statement filed under paragraph (1) or (2) after such statement has been filed, a supplemental statement under such paragraph shall be filed not later than the date which is 30 days after such adjustment is made.
**(b) Regulations** The Secretary shall prescribe such regulations as necessary to carry out this section, including regulations relating to—
(1) the application of this section to property with regard to which no estate tax return is required to be filed, and
(2) situations in which the surviving joint tenant or other recipient may have better information than the executor regarding the basis or fair market value of the property.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent’s death by such person, be—
(1) the fair market value of the property at the date of the decedent’s death,
(2) in the case of an election under section 2032, its value at the applicable valuation date prescribed by such section,
(3) in the case of an election under section 2032A, its value determined under such section, or
(4) to the extent of the applicability of the exclusion described in section 2031(c), the basis in the hands of the decedent.
**(b) Property acquired from the decedent** For purposes of subsection (a), the following property shall be considered to have been acquired from or to have passed from the decedent:
(1) Property acquired by bequest, devise, or inheritance, or by the decedent’s estate from the decedent;
(2) Property transferred by the decedent during his lifetime in trust to pay the income for life to or on the order or direction of the decedent, with the right reserved to the decedent at all times before his death to revoke the trust;
(3) In the case of decedents dying after December 31, 1951, property transferred by the decedent during his lifetime in trust to pay the income for life to or on the order or direction of the decedent with the right reserved to the decedent at all times before his death to make any change in the enjoyment thereof through the exercise of a power to alter, amend, or terminate the trust;
(4) Property passing without full and adequate consideration under a general power of appointment exercised by the decedent by will;
(5) In the case of
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1014
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Civil penalty**
(1) **In general** — In addition to any criminal penalty provided by law, any person required to file a return under section 6046 or 6046A who fails to file such return at the time provided in such section, or who files a return which does not show the information required pursuant to such section, shall pay a penalty of $10,000, unless it is shown that such failure is due to reasonable cause.
(2) **Increase in penalty where failure continues after notification** — If any failure described in paragraph (1) continues for more than 90 days after the day on which the Secretary mails notice of such failure to the United States person, such person shall pay a penalty (in addition to the amount required under paragraph (1)) of $10,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day period. The increase in any penalty under this paragraph shall not exceed $50,000.
**(b) Deficiency procedures not to apply** Subchapter B of chapter 63 (relating to deficiency procedure for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by subsection (a).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6679
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 3330
TITLE 26—INTERNAL REVENUE CODE
§ 6035
(i)(I) the applicable entity has filed a re-
turn but the beneficiary’s treatment on
such beneficiary’s return is (or may be) in-
consistent with the treatment of the item
on the applicable entity’s return, or
(II) the applicable entity has not filed a
return, and
(ii) the beneficiary files with the Sec-
retary a statement identifying the incon-
sistency,
paragraph (1) shall not apply to such item.
(B) Beneficiary receiving incorrect informa-
tion
A beneficiary shall be treated as having
complied with clause (ii) of subparagraph (A)
with respect to a reported item if the bene-
ficiary—
(i) demonstrates to the satisfaction of
the Secretary that the treatment of the re-
ported item on the beneficiary’s return is
consistent with the treatment of the item
on the statement furnished under sub-
section (a) to the beneficiary by the appli-
cable entity, and
(ii) elects to have this paragraph apply
with respect to that item.
(3) Effect of failure to notify
In any case—
(A) described in subparagraph (A)(i)(I) of
paragraph (2), and
(B) in which the beneficiary does not com-
ply with subparagraph (A)(ii) of paragraph
(2),
any adjustment required to make the treat-
ment of the items by such beneficiary con-
sistent with the treatment of the items on the
applicable entity’s return shall be treated as
arising out of mathematical or clerical errors
and assessed according to section 6213(b)(1).
Paragraph (2) of section 6213(b) shall not apply
to any assessment referred to in the preceding
sentence.
(4) Definitions
For purposes of this subsection—
(A) Reported item
The term ‘‘reported item’’ means any item
for which information is required to be fur-
nished under subsection (a).
(B) Applicable entity
The term
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6035
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.