Today, Treasury and the IRS issued proposed regulations (REG-127923-15) that provide guidance regarding the requirement that a recipient’s basis in certain property acquired from a decedent be consistent with the value of the property as finally determined for federal estate tax purposes. The proposed regulations also provide guidance on the reporting requirements for executors or other persons required to file federal estate tax returns. Contemporaneously issued temporary regulations (TD 9757) provide transition relief to executors and other persons required to file or furnish certain statements. The text of the temporary regulations also serves as the text of the proposed regulations regarding the transition relief. Comments on the proposed regulations and requests for a public hearing must be received by June 2. The temporary regulations are effective March 4.