Tax Basis Reporting in Estate Administration

Agenda / Content Covered

1. Basis Consistency Law: When is it Necessary to File and to Whom?
   2:00 - 2:45, Janathan L. Allen
   1. Income Tax Basis for Property Received at Death
   2. Federal Estate Tax Value
   3. Consistency of Income Tax Basis and Estate Tax Value Under Prior Law
   4. Basis Limitation IRC §1014(f)
   5. What Estates are Subject to This Reporting Requirement?
   6. Who Must Receive the Report?
2. Forms and Filing and Furnishing Requirements
   2:45 - 3:30, Janathan L. Allen
   1. Form 8971: Part I and Part II
   2. Schedules A to Form 8971
   3. Filing and Furnishing Requirements
      1. Form 8971: Separate Filing, Due Date, Supplemental Form 8971
      2. Schedule A: Requirement to "Provide" to Beneficiaries, Due Date, Supplemental Schedule A
3. Penalties to the Estate and the Recipient
   3:45 - 4:30, Neal B. Jannol
   1. Recipient's Penalty: Inconsistent Reporting
   2. Estate's Penalty: Failure to Timely File/Furnish Accurate Form 8971 or Schedule A
      1. Amount of Penalties
      2. Maximum Total Amount of Penalties
      3. Exceptions Where Penalty Will Not be Imposed
4. Top Questions Answered
   4:30 - 5:15, Neal B. Jannol
   1. Consistency Requirement Until the Recognition of Gain or Loss
   2. Is Property Deemed to Increase Estate Tax Liability?
   3. What Assets of a Taxable Estate are Subject to Basis Consistency Requirement?
   4. "Final Value" of Property Received from a Decedent: How is Value Determined?
   5. After-Discovered or Omitted Property
   6. When Form 8971 or Schedule A is Not Required
   7. Property That Must be Reported on Form 8971 and Schedule A and Exceptions
   8. Beneficiaries (Proposed Regulation 1.6035-1(c))
   9. Supplemental Form 8971 and Schedules A (Proposed Regulation 1.6035-1(e))
   10. Situations in Which the Beneficiary has to File a Supplemental Form 8971 and Furnish a Supplemental Schedule A

Accreditation Details:

Janathan L Allen is a partner with Allen Barron, Inc., an estate planning and financial advisory firm located in San Diego. She is also senior partner at Janathan L. Allen, APC. Ms. Allen has an extensive international tax, accounting, finance, and legal background; and has worked with a diverse group of businesses, advising clients in legal, financial, and tax arenas. She began her career in the public accounting arena and then moved into the private sector as tax director for a biotech firm, Hybritech, Inc. Ms. Allen progressed to controller and CFO/legal counsel positions for a number of San Diego companies before becoming a partner at Allen Barron, Inc., and founding Janathan L. Allen, APC. Ms. Allen earned her B.S. degree from the University of Montana; her M.B.A. degree from the University of San Diego; her LL.M. degree from the University of San Diego School of Law, San Diego, California; and her J.D. degree from Southwestern University School of Law, Los Angeles, California.

Neal B Jannol is a sole practitioner in Los Angeles at the Law Office 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. Mr. Jannol's 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. 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.