Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A.
Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.
Credits: 0.5 General, 0 Diversity/Inclusion PR, 0 MH/SA PR, 0 Other PR
Expires 11/01/2027
A hypothetical fact situation will be presented which includes a decedent’s estate with a living trust, retirement plan, life insurance, and sample forms 1041, 706 & 709. Throughout the day, we’ll examine how various decisions will result in specific tax consequences and how to prepare Forms 706 & 709 to effectively handle those consequences.
Stuart J. Kohn, Levenfeld Pearlstein LLC, Chicago
Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A.
Stephen I. Pratt, Levenfeld Pearlstein LLC, Chicago
