View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
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:
|
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 |