Description

This class is a companion to the Preparing Form 706: The Estate Tax Review Course. While taking that course is not a prerequisite, knowledge of preparing the estate tax return (Form 706) will be assumed. This advanced course goes beyond the basics of completing the estate tax return. It focuses on planning opportunities and compliance issues with claiming deductions on the estate tax return or the income tax return, portability elections, and the basis consistency rules and reporting (Form 8971). All these materials will be presented by a nationally respected and well-credentialed professional with decades of experience. The estate tax return raises many strategic and planning decisions, blending federal tax law with state law property rights and weighing choices of estate tax reduction and funding with income tax planning. Explore the intersection of these sometimes competing goals, and investigate the advantages and consequences of selecting to deduct items on the estate tax return or fiduciary income tax return. Learn details about portability elections and complying with the basis consistency rules. Gain insight into avoiding traps in both planning for and preparing these returns and complying with these obligations. Estate tax returns, optimizing deductions in the estate context, portability elections, and basis consistency have been pratfalls for many practitioners. This class will address strategies to prepare relevant returns and achieve successful results as well as planning opportunities while highlighting traps and frequent missteps. Prepare your next estate tax and related returns with confidence and the knowledge gained from this course.

Presented by Michael Gerson

Target Audience

CPAs, attorneys, enrolled agents, financial professionals and others interested in this topic.

Course Objectives

Determine basis reporting requirements.

Recognize portability in estate planning.

Identify which deductions belong on an estate or individual return.

Subjects

• Filing requirements and proposed regulations for basis consistency for Form 8951.
• How to determine which deductions belong on an estate or individual return.
• Portability rules and traps.

Prerequisites

Completion of Form 706 Preparation Series is recommended.