The company acquired simply eight feedback on the draft, nevertheless it responded to the commenters’ requests by offering flexibility in reference to retroactive use of the brand new mortality tables and in reference to calculation precision.

Initially, the IRS was going to let taxpayers select whether or not to make use of the brand new valuation tables throughout a transition interval lasting from Jan. 1, 2021, to June 1, 2023.

Some commenters stated the transition interval ought to start out in Might 2019, as a result of the mortality tables based mostly on the 2000 census have been in use since 2009.

“The Treasury Division and the IRS have concluded that the problem of equity to taxpayers on this circumstance outweighs the foreseeable administrative burdens on the IRS,” officers stated within the introduction to the brand new closing rules.

Due to considerations about equity, the IRS will let taxpayers select whether or not to make use of the previous mortality tables or the brand new tables for transactions occurring between Might 1, 2019, and June 2, 2023, officers stated.

A number of commenters famous that, within the draft rules, the IRS confirmed elements and calculation outcomes that includes numbers with digits starting from three to 6 locations previous the decimal level.

IRS officers reported that they used decimal place practices which were in power since at the least 1951. “There are technical causes for the actual variety of decimals used for a number of of those elements,” officers added.

The IRS determined to stay with the standard decimal practices, however officers indicated that taxpayers can use extra decimal locations than the IRS makes use of, if utilizing extra decimal locations is extra handy or produces higher outcomes, so long as the taxpayer applies the extra exact calculation methodology in a constant means.

The IRS listed Mayer Samuels because the contact individual for the brand new closing rules.

IRS headquarters. (Picture: Allison Bell/ALM)