CFR > Title 5 - Administrative Personnel > CHAPTER XVI—OFFICE OF GOVERNMENT ETHICS > SUBCHAPTER B—GOVERNMENT ETHICS (parts 2634 to 2641) > PART 2634—EXECUTIVE BRANCH FINANCIAL DISCLOSURE, QUALIFIED TRUSTS, AND CERTIFICATES OF DIVESTITURE > SUBPART J—Certificates of Divestiture (§2634.1001 to §2634.1008) > 2634.1002—Role of the Internal Revenue Service.

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.