ESTATE TAX

REG–143316–03, page 1292. Proposed regulations under section 2053 of the Code provide guidance to determine the amount deductible from a decedent’s gross estate for claims against the estate under section 2053(a)(3). Under these regulations, the amount deductible is generally the amount actually paid in satisfaction of a legitimate claim. The regulations provide special rules for potential claims, contested claims, claims against multiple parties, claims by family members and related entities, unenforceable claims, and recurring payments. A public hearing is scheduled for August 6, 2007.

Notice 2007–41, page 1287. The Department of Treasury and the Service invite public comments on recommendations for items that should be included on the 2007–2008 Guidance Priority List. Taxpayers may submit recommendations for guidance at any time during the year. Recommendations submitted by May 31, 2007, will be reviewed for possible inclusion on the original 2007–2008 Guidance Priority List. Recommendations received after May 31, 2007, will be reviewed for inclusion in the next periodic update.