New Basis Consistency and Reporting Requirements - Impacts and Traps (Audio Product)

      New Basis Consistency and Reporting Requirements - Impacts and Traps (Audio Product)
      CLE 90 min

      New Basis Consistency and Reporting Requirements - Impacts and Traps (Audio Product)

      Any estate required to file an estate tax return after July 31, 2015 must now also report the basis of the assets to the recipients. Proposed and temporary regulations issued on March 2, 2016 provide guidance on the reporting requirements. These regulations include provisions that many attorneys may not have anticipated. Failure to comply with the requirements can lead to underpayment penalties for taxpayers who use an incorrect basis and malpractice liability for the estate tax return preparer if the basis is not reported properly.

      Our speakers will cover:

      • The new basis consistency rules; 
      • What disclosure rules governing the information that must be reported to recipients;
      • Reporting requirements when the property each heir will receive is not known by the filing deadline;
      • The zero basis rule that applies if assets are omitted from a Form 706; and
      • The supplemental filing requirement that can apply to heirs.
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      New Basis Consistency and Reporting Requirements - Impacts and Traps (Audio Product)

      Product Details

      Sponsors

      Section of Real Property, Trust and Estate Law

      Product Code

      5430887AUD

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