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Like your financial strategy, your tax strategy operates in two time frames—now and later. “Now” covers the 12 months of the current tax year, such as income tax preparation and filing.

On March 4, 2016, the IRS issued proposed and temporary regulations regarding the basis of property acquired from a decedent. The purpose of the regulations is to ensure that a recipient's basis in certain property acquired from a decedent is consistent with the value of the property as ultimately determined for federal estate tax purposes.