Available in:

OnDemand Course

IRS Basis Consistency Requirements and New Rules

Understanding how to stay compliant with the IRS basis consistency requirements and new rules can help you and your clients ensure reporting is done is accurate and within the guidelines.

IRS Form 8971 is required for any estate required to file a Form 706 after July 2015. As a result, the IRS now enforces the new requirement that many executors report to beneficiaries the estate tax value of certain assets received from decedents. Questions arise, however, on how to value assets, what the filing requirements are, and how executors should be thinking about distributions and potential litigation. This topic will help estate planners and executors alike understand the two key components of the IRS statutory provisions: (1) the substantive rule requiring basis consistency under IRC § 1014(f); and (2) reporting requirements imposed on executors and other individuals under IRC § 6035. Our experienced speakers provide a thorough guide to the estate basis consistency rules and practical considerations for complying with the Code.

89 minutes
Certificate of Completion
Purchase Options

More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Section 1014 Basis Consistency Rules

  • Form 8971 and Reporting Property
  • Determining Final Value
  • Penalties for Failing to Disclose Assets

Reporting Requirements Under Section 6035

  • Filing Requirements and Deadlines
  • Effect on Beneficiaries
  • Supplemental Form 8971 and Schedule A

Reporting Requirements for Subsequent Transfers

Practical Administration and Fairness Issues

Purchase Options

More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on September 20, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Joshua R. Driskell

Joshua R. Driskell

Lagerlof, LLP

  • Managing partner of Lagerlof, LLP
  • Has a background representing businesses and individuals and a keen attention to detail to leading the firm
  • Practice focuses on business, tax, estate, fiduciary, and related matters
  • Prior to forming Primuth, Driskell & Terzian, LLP, with partner Jonathan Primuth in 2014, he worked at a multi-state law firm, handling a wide variety of matters for individuals, and small and medium-sized businesses
  • Admitted to practice law in all California state courts, all Ohio state courts, the United States Tax Court, the United States District Court for the Central District of California, the United States District Court for the Northern District of Ohio, and the United States District Court for the Western District of Michigan
  • Member of the Pasadena Bar Association, the Los Angeles County Bar Association, and the California Bar Association
  • In addition to his activities as an attorney, he is a board member for the Pasadena Museum of History, Leadership Pasadena, and Pasadena Fire Foundation
  • J.D. degree, University of Toledo College of Law
Purchase Options

More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!


  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 400937
Published 2019
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!