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The Carryover Basis Election for 2010 Decedents

2010 was the most complex year in the history of the estate tax to administer an estate. The 2001 Tax Act, EGTRRA enacted IRC Section 2210, which made the estate tax inapplicable to 2010 estates, and the GST tax inapplicable to generation-skipping transfers made in 2010. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") Section 301(c) permitted 2010 personal representatives the option to choose the carryover basis rules of IRC Section 1022 (i.e., no estate tax) regime instead of the estate tax regime. TRA also reinstated the GST tax to January 1, 2010 but with a zero percent GST tax rate. There remained considerably uncertainty. Form 8939 "Allocation of Increase in Basis for Property Acquired From a Decedent," is the primary tax return to elect the optional carryover basis provisions, but until the recent pronouncements there was no final form or guidance.

These pronouncements are the key guidance for all professionals endeavoring to apply the 2001 law to 2010 estates. The complexities are legion and the Form must be filed, implying all decisions made, by November 15, 2011. This OnDemand Webinar will provide an overview of the law and issues, review the two recent pronouncement, cover issues they raise and attempt to provide attorneys, accountants, financial advisers and others dealing with 2010 estates, some practical guidance as to how to proceed.


Runtime: 91 minutes
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Agenda

Notice 2011-66

  • Tax Return Filing Issues Under IRC Sec. 6018
  • Making the Election Under IRC Sec. 1022
  • Who May Make the Election
  • Amending Returns
  • Extensions of the Filing Deadline
  • Making the GST Election for 2010 Transfers

Revenue Procedure 2011-41

  • Establish Safe Harbors to Address Various Carryover Basis Issues and IRC Sec. 1022
  • Allocating the Limited Tax Basis Adjustment (Increases) Permitted to 2010 Estates to Assets Sold During Estate Administration
  • Impact of Community Property
  • Treatment of Passive Losses
  • Determining Holding Period
  • Calculating Decedent's Share of Loss Carryovers
  • Tax Consequences of Transfers to Nonresident Aliens
  • Testamentary Charitable Remainder Trusts
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Why Lorman?

Over 33 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 October 3, 2011.

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 33 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

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, P.C.

  • Attorney in Paramus, New Jersey and New York City
  • Focuses on estate and tax planning, planning for closely held businesses, and estate administration
  • Named by Worth Magazine as one of the Top 100 Attorneys
  • Named by CPA Magazine as one of the Top 50 IRS Tax Practitioners
  • Source for numerous national publications, guest expert appearances on major financial and other television and radio shows
  • Editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist
  • Written 42 books and more than 1,000 articles
  • CPA in New Jersey, Michigan and New York
  • J.D. degree, Fordham University School of Law; M.B.A. degree, University of Michigan; B.S. degree, Wharton School of the University of Pennsylvania
Bruce D. Steiner, Esq.

Bruce D. Steiner, Esq.

Kleinberg, Kaplan, Wolff & Cohen, P.C.

  • Attorney with Kleinberg, Kaplan, Wolff & Cohen, P.C.
  • More than 40 years of experience in the areas of taxation, estate planning, business succession planning, and estate and trust administration
  • Frequent lecturer at continuing education programs for bar associations, CPAs and other professionals
  • Commentator for Leimberg Information Services, Inc., a member of the editorial advisory board of Trusts & Estates, a technical advisor for Ed Slott’s IRA Advisor, and author of numerous articles for professional journals
  • Quoted in various publications including Forbes, The New York Times, the Wall Street Journal, Lawyers Weekly, Bloomberg’s Wealth Manager, Financial Planning, Kiplinger’s Retirement Report, Newsday, the New York Post, the Naples Daily News, Individual Investor, CNBC, Fox Business, USA Today, TheStreet.com, and Dow Jones (formerly CBS) Market Watch
  • Named a New York Super Lawyer in 2010 through 2017
  • J.D. degree, cum laude, State University of New York at Buffalo; LL.M. degree in taxation, Gerald L. Wallace scholar, New York University; A.B. degree, Cornell University
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Product ID: 389051
Published 2011
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