‘‘(1) Property acquired by bequest, devise, or 
inheritance, or by the decedent’s estate from the de-
cedent. 
‘‘(2) Property transferred by the decedent dur-
ing his lifetime— 
‘‘(A) to a qualified revocable trust (as de-
fined in section 645(b)(1)), or 
‘‘(B) to any other trust with respect to 
which the decedent reserved the right to make 
any change in the enjoyment thereof through 
the exercise of a power to alter, amend, or ter-
minate the trust. 
‘‘(3) Any other property passing from the dece-
dent by reason of death to the extent that such 
property passed without consideration.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to estates of decedents 
dying after December 31, 2014. 
SEC. 5. SIMPLIFIED ESTATE TAX RETURNS. 
(a) INFORMATION RETURNS.— 
(1) IN GENERAL.—Subpart C of part II of sub-
chapter A of chapter 61 of such Code is amended by 
inserting after section 6018 the following new sec-
tion: 
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‘‘SEC. 6018A. SIMPLIFIED ESTATE TAX RETURNS. 
‘‘(a) IN GENERAL.—In the case of property acquired 
from a decedent who has in effect an election under sub-
chapter D of chapter 11, the executor of the estate of such 
decedent shall make a return containing the following in-
formation with respect to such property: 
‘‘(1) The name and TIN of the recipient of 
such property. 
‘‘(2) An accurate description of such property. 
‘‘(3) The adjusted basis of such property in the 
hands of the decedent and its fair market value at 
the time of death. 
‘‘(4) The decedent’s holding period for such 
property. 
‘‘(5) Sufficient information to determine wheth-
er any gain on the disposition of the property would 
be treated as ordinary income. 
‘‘(b) PROPERTY ACQUIRED FROM DECEDENT.—— 
For purposes of this section, section 1022 shall apply for 
purposes of determining the property acquired from a de-
cedent. 
‘‘(c) STATEMENTS TO BE FURNISHED TO CERTAIN 
PERSONS.—Every person required to make a return under 
subsection (a) shall furnish to each person whose name 
is required to be set forth in such return (other than the 
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person required to make such return) a written statement 
showing— 
‘‘(1) the name, address, and phone number of 
the person required to make such return, and 
‘‘(2) the information specified in subsection (a) 
with respect to property acquired from, or passing 
from, the decedent to the person required to receive 
such statement. 
The written statement required under the preceding sen-
tence shall be furnished not later than 30 days after the 
date that the return required by subsection (a) is filed. 
‘‘(d) ANNUAL BENEFICIARY ASSET STATUS RE-
TURN.—Each recipient of property with respect to whom 
a statement is required to be furnished under subsection 
(c) and who owns any such property during the taxable 
year shall make a return with respect to such property 
containing the following information: 
‘‘(1) An accurate description of such property. 
‘‘(2) An accounting of the disposition of any 
such property during the taxable year. 
‘‘(3) The adjusted basis of such property as of 
the later of the end of the taxable year or the date 
of any such disposition. 
‘‘(e) EXCEPTED PROPERTY.— 
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‘‘(1) IN
GENERAL.—Subsections (a) and (b) 
shall not apply with respect to— 
‘‘(A) any property the fair market value of 
which, at the time of the decedent’s death, does 
not exceed $10,000, and 
‘‘(B) any property the basis of which was 
determined by reference to the fair market 
value of the property at the date of the dece-
dent’s death. 
‘‘(2) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of any cal-
endar year after 2015, the $10,000 amount 
under paragraph (1) shall be increased by an 
amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year, determined by substituting 
‘calendar year 2014’ for ‘calendar year 
1992’ in subparagraph (B) thereof. 
‘‘(B) ROUNDING.—If any amount as ad-
justed under subparagraph (A) is not a multiple 
of $100, such amount shall be rounded to the 
next lowest multiple of $100.’’. 
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(2) CLERICAL AMENDMENT.—The table of sec-
tions for subpart C of part II of subchapter A of 
chapter 61 of such Code is amended by inserting 
after the item relating to section 6018 the following 
new item: 
‘‘Sec. 6018A. Simplified estate tax returns.’’. 
(b) TIME FOR FILING RETURNS.—Section 6075(a) 
of such Code is amended— 
(1) by striking ‘‘ESTATE TAX RETURN.—Re-
turns made’’ and inserting the following: , ‘‘ESTATE 
TAX RETURN.— 
‘‘(1) IN GENERAL.—Returns made’’, and 
(2) by adding at the end the following new 
paragraph: 
‘‘(2) SIMPLIFIED ESTATE TAX.— 
‘‘(A) IN GENERAL.—Returns made under 
section 6018A(a) shall be filed not later than 
180 days after the date of the decedent’s death. 
‘‘(B) ANNUAL BENEFICIARY ASSET STATUS 
RETURNS.—Returns 
made 
under 
section 
6018A(d) for a taxable year shall be filed con-
currently with the individual’s return of income 
tax for the taxable year.’’. 
(c) PENALTY FOR FAILURE TO FILE RETURNS.— 
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(1) IN GENERAL.—Part 1 of subchapter B of 
chapter 68 of such Code is amended by adding at 
the end the following new section: 
‘‘SEC. 6720D. FAILURE TO FILE INFORMATION WITH RE-
SPECT TO SIMPLIFIED ESTATE TAX RETURNS. 
‘‘(a) INFORMATION REQUIRED TO BE FILED WITH 
SECRETARY.—Any person required to furnish any infor-
mation under section 6018A(a) who fails to do so on the 
date prescribed therfor (determined with regard to any ex-
tension of time for filing) shall pay a penalty of $10,000 
for each such failure. 
‘‘(b) INFORMATION REQUIRED TO BE FURNISHED 
TO BENEFICIARIES.—Any person required to furnish in 
writing to each person described in section 6018A(c) the 
information required under such section who fails to do 
so shall pay a penalty of $250 for each such failure. 
‘‘(c) ANNUAL INFORMATION RETURN REQUIRED TO 
BE FURNISHED BY BENEFICIARY.—Any person required 
to furnish any information under section 6018A(d) who 
fails to do so on the date prescribed therefor (determined 
with regard to any extension of time for filing) shall pay 
a penalty of $5,000 for each such failure. 
‘‘(d) REASONABLE CAUSE EXCEPTION.—No penalty 
shall be imposed under subsection (a), (b), or (c) with re-
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