The Surface Transportation and Veteran’s Health Care Choice Improvement Act of 2015 was signed into law last summer with a provision unrelated to the act which required that people filing an estate tax return must also file a statement of the basis of property distributed.
This provision was supposed to be effective immediately. However, the Internal Revenue Service needed some time to propose regulations and come up with the proper forms, so they extended the deadline to Feb. 29, 2016.
With the new deadline fast approaching, Accounting Today reports that the deadline has been extended again in "IRS Delays Estate Basis Reporting Deadline."
The new deadline for reporting is March 31, 2016. In fact, the IRS suggests that people wait to file as the IRS plans on having proposed regulations and new forms available soon. The IRS suggests waiting to file the required information until you have a chance to review the regulations.
It might be beneficial for you and an estate planning attorney to review the regulations.
Reference: Accounting Today (Feb. 12, 2016) "IRS Delays Estate Basis Reporting Deadline."