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Consistent Basis Reporting Between Estates and Beneficiaries: The Proposed Regulations (F971)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    1
  • Qualifies for

    IRS CPE

Overview

New IRS Form 8971 is required for any estate required to file a Form 706 after July 2015. The first sets are due March 31, 2016 and no extension is available. The new form is part of an information reporting regime to maintain consistency between the values reported on an estate tax return and the basis reported by beneficiaries. On the surface, the new form seems manageable. However, providing beneficiaries the value (and basis) of assets they might receive turns out to be quite complicated. This program will discuss the many issues preparers will need to work through in order to comply with the Code and protect the estate, beneficiaries, and themselves.

Major Topics:

  • Estate tax returns
  • Income tax basis

Learning Objectives

  • Know about the IRS’s new reporting regime to ensure basis consistency between estates and beneficiaries
  • Become aware of the new accounting and legal issues practitioners must navigate to comply with the Code
  • How to best complete the new IRS form 8971

Who should take this course:

Designed for:

Tax practitioners who wish to understand how to assist clients with filing estate tax returns and comply with Form 8971

Prerequisite:

None

Advanced Preparation:

None

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