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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, October 27, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE course will provide estate planners and advisers to trusts and estates with a practical guide to estate basis consistency reporting requirements as they impact trustees and fiduciaries. The panel will explain the IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on Form 8971, and will offer strategies to help fiduciaries avoid adverse tax consequences in estate distributions.

Faculty

Sarah N. Gaymon
Associate Director of Tax Services
Berkowitz Pollack Brant

Ms. Gaymon is an Associate Director of Tax Services at Berkowitz Pollack Brant Advisors + CPAs located in the West Palm Beach office, specializing in trusts and estates. Her background includes tax compliance and tax consulting for high net worth individuals, family groups, trusts, estates, and gift tax issues. Ms. Gaymon aids her clients in the year-end planning process as well as assisting with family wealth, succession and estate planning. She also has experience in US planning and compliance related to foreign trusts, foreign estates, and individual foreign tax compliance and residency issues. Ms. Gaymon has completed extensive research in the gift and estate tax area and has contributed to the publication of an international estate and gift tax planning handbook for the DFK group. She was also published in the Naples Daily News Estate Planning Insert for two consecutive years.

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Neal B. Jannol
Attorney
Law Offices of Neal B. Jannol

Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. His experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California and is a Certified Specialist in Estate Planning, Trust & Probate Law. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.

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Description

The basis consistency initiatives present challenges to tax compliance advisers, fiduciaries, and estate counsel. The rules create filing obligations for executors of taxable estates but will also impact distribution decisions and litigation strategies. Estate planners must grasp the wide-ranging impact of these provisions to avoid unnecessary taxes and penalties.

IRC Section 1014(f) and 6035 set the guidelines for the basis consistency regime. IRC Section 1014(f) mandates that an asset's reported estate tax value and the basis of the asset when acquired by the estate beneficiary must be consistent. IRC 6035 requires estate executors to identify the value of property reported on the estate tax return to both the IRS and the estate beneficiaries.

The requirement to furnish basis information to all beneficiaries creates a substantial burden on fiduciaries. Additionally, the mandate to match basis on assets between Form 706 and the beneficiaries' tax returns complicates determining and making distributions. Executors will have to balance the tax situations of the beneficiaries with the needs of the estate in distributing property.

Listen as our experienced panel provides a comprehensive and practical guide to the estate basis consistency rules as they impact executors and estate planners.

Outline

  1. Section 1014 basis consistency rules
    • Estates subject to basis consistency
    • Property subject to basis rule
    • Final value determination methods
    • Zero-basis rule and other tax consequences due to omission or non-reporting
  2. Section 6035 reporting requirements
  3. Supplemental reporting requirements
  4. Distribution considerations and strategies

Benefits

The panel will review these and other relevant topics:

  • Reporting property on Form 8971
  • Coping with scenarios in which the executor does not wish to disclose asset basis values to a particular beneficiary
  • Rules on post-mortem basis adjustments to estate assets
  • Penalties for failure to disclose all assets on Form 8971 and Schedule A
  • How fiduciaries should remedy reporting mistakes or failures
  • Distribution concerns and strategies under the basis consistency reporting rules

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand rules on post-mortem basis adjustments to estate assets
  • Recognize penalties for failure to disclose all assets on Form 8971 and Schedule A
  • Ascertain methods on how fiduciaries should remedy reporting mistakes or failures
  • Discern best techniques for establishing basis in assets
  • Ascertain when filing Form 8971 is required

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).