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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.

Runtime: 89 minutes
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Why Lorman?

Over 32 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

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Why Lorman?

Over 32 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 Webinar

This course was last revised on September 20, 2019.

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

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

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

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.25
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.25
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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More Program Information

Why Lorman?

Over 32 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

Primuth, Driskell & Terzian, LLP

  • Founding partner of Primuth, Driskell & Terzian, LLP
  • Specializing in tax, estate planning, trust administration and probate
  • Rising Star Super Lawyers, 2016 – 2017
  • Achieved the highest rating in the Martindale-Hubbell Law Directory®
  • Admitted in United States Tax Court
  • Active member of the California State Bar and a member of the Tax and Trusts and Estates sections
  • Can be contacted at 626-683-7234 or [email protected]
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Why Lorman?

Over 32 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.

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

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Product ID: 400937
Published 2019
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