Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 5 - Administrative Personnel |
Chapter XVI - Office of Government Ethics |
SubChapter B - Government Ethics |
Part 2634 - Executive Branch Financial Disclosure, Qualified Trusts, and Certificates of Divestiture |
Subpart J - Certificates of Divestiture |
§ 2634.1002 - Role of the Internal Revenue Service.
Latest version.
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§ 2634.1002 Role of the Internal Revenue Service.
The Internal Revenue Service (IRS) has jurisdiction over the tax aspects of a divestiture made pursuant to a Certificate of Divestiture. Eligible persons seeking to defer capital gains:
(a) Must follow IRS requirements for reporting dispositions of property and electing under section 1043 not to recognize capital gains; and
(b) Should consult a personal tax advisor or the IRS for guidance on these matters.