Guidance Under Section 2801 Regarding the Imposition of Tax on Certain Gifts and Bequests From Covered Expatriates

Summary

The IRS has released proposed regulations on a tax on gifts and bequests from expatriates who lost U.S. citizenship or residency after June 17, 2008. A public hearing on the proposed rules is scheduled to take place after the regulations are finalized and published in the Federal Register.