Successfully Completing Form 8971 and Understanding the Underlying Basis Issues and Risks - A Special Re-Broadcast
The executor of any new estate required to file a Form 706 must understand the basis consistency rules. These rules and new IRS Form 8971 are an information reporting regime to maintain consistency between the values reported on an estate tax return and the income tax basis reported by beneficiaries. On the surface, the new reporting seems manageable; however, it can be quite complicated. In his exclusive LISI Webinar, Bob Keebler will discuss the many issues estate planners and administrators will need to work through to comply with the Code and protect the estate, beneficiaries, and themselves. Bob will cover the following topics:
- Review the statutory source of the requirement: §§ 1014(f), 6035, 6662, and 6724
- Overview of the regulations
- Funding trusts and zero basis
- The Zero Basis Rule: Failure to report can result in an asset having zero basis!
- Probate litigation disclosure requirements
- When Form 8971 is required
- Understanding the exemptions
- Term interests and life estates
- Contingent interests
- After-discovered property
- The Subsequent Filing Requirement
- Assets with IRD, including IRAs
- Assets passing to charity
- Assets passing to a spouse
There will be no CE for this webinar
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