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TREAS/IRS RIN: 1545-BJ43 Publication ID: Spring 2014 
Title: Imposition of Tax on Gifts and Bequests From Expatriates 
Abstract: On June 17, 2008, under section 301 of the Heroes Earnings Assistance and Relief Tax Act of 2008, Congress created a new chapter 15 of the Internal Revenue Code and added section 2801. This new provision imposes a tax on a U.S. citizen or resident receiving a covered gift or bequest during the calendar year. A covered gift or bequest is a gift or bequest received from a covered expatriate, with certain exceptions. The tax is calculated by multiplying the value of the total covered gifts and bequests received during the year, reduced by the section 2503(b) amount, by the highest estate tax rate (or gift tax rate if higher) for the taxable year. On July 20, 2009, the Treasury Department and IRS issued Announcement 2009-57, which states that the Treasury Department and IRS intend to issue guidance under section 2801 and new form 708, and that such guidance will provide the due date for filing and paying the section 2801 tax. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 26 CFR 28 
Legal Authority: 26 USC 2801; 26 USC 6011; 26 USC 6075; 26 USC 6081; 26 USC 7805; ... 
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  07/00/2014   
Additional Information: REG-112997-10 Drafting attorney: Laura U. Daly (202) 317-6859 Reviewing attorney: Leslie H. Finlow (202) 317-6859 Treasury attorney: Catherine Hughes (202) 622-9407 CC:PSI
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Laura U. Daly
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6859
Fax:202 317-4644
Email: laura.u.daly@irscounsel.treas.gov

 
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