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.
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Why Lorman?
Over 36 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 36 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.
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Why Lorman?
Over 36 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
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
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Why Lorman?
Over 36 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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