For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
IRS proposes to increase financial information reporting requirements for U.S. persons transferring property to foreign corporations in proposed regulations on gain recognition agreements. The rules would amend existing rules governing the consequences to U.S. persons for failing to file gain recognition agreements and related documents, or to satisfy other reporting obligations, associated with certain transfers of stock and assets to foreign corporations in nonrecognition exchanges. Among the major changes under the proposed rules is a requirement that U.S. transferors include the basis and fair market value of the property transferred on Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation. The form would be required to be filed in all cases in which a GRA is filed, but taxpayers would only have to complete Part I and Part II of the form if the only asset transferred is stock or securities, IRS says. Additionally, the rules would eliminate the need to prove reasonable cause for taxpayers seeking relief from penalties and gain recognition after failing to fully or properly file a GRA.
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)