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Understanding Basis of Inherited Property and Multiple Tax Challenges - Webinar

  • ID: 4126061
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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It’s no easy job - understand the myriad of reporting and tax challenges faced by an executor.

The executor’s job is no easy task. An executor is responsible for probating a decedent’s will, inventorying a decedent’s assets, identifying the estate beneficiaries and distributing the assets of the estate. In today’s world, in which people own assets across multiple institutions and the click of a button can transfer such assets across continents, estate administration is more time-consuming and complex than ever. In addition, the executor must carefully consider the income tax consequences of the administration and distribution of the estate, and the new basis consistency and reporting requirements add another layer of complexity to the task. This topic will provide an overview of the estate administration process, focusing on the new basis consistency rules, the reports and forms the executor must file and the rules that must be followed. Special attention will be given to the income tax considerations relevant to estate administration.

Learning Objectives
  • You will be able to describe to clients the duties and responsibilities of an executor.
  • You will be able to identify potential income tax issues that may arise in the course of estate administration.
  • You will be able to explain the new basis consistency and information reporting requirements.
  • You will be able to review the reporting requirements relevant when an estate makes a distribution to a non-US beneficiary.
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Introduction/Overview
- An Executor's Responsibilities, Generally
- The New Basis Consistency and Information Reporting Requirements
- The Income Tax Challenges Faced by Executors

An Executor's Responsibilities, Generally
- The Probate Process
- Inventorying Assets
- Distribution of Property
- Tax Issues

The New Basis Consistency and Information Reporting Requirements
- Background and History
- Unpacking the New Rules
- Basis Consistency vs. Duty to Report

Tax Issues Facing Executors
- Overview of the Income Tax Rules Relevant to Estate Administration
- Specific Bequests
- Debts Owed to the Estate
- Non-US Beneficiaries
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Stacey Delich-Gould, Morrison Cohen LLP
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CPAs, controllers, business owners and managers, tax managers, trust administrators and financial planners.
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