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Successfully Completing Form 8971 and Understanding the Underlying Basis Issues and Risks



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The executor of any new estate required to file a Form 706 must understand the basis consistency rules. These rules and new IRS Form 8971 are an information reporting regime to maintain consistency between the values reported on an estate tax return and the income tax basis reported by beneficiaries. On the surface, the new reporting seems manageable; however, it can be quite complicated. In his exclusive LISI Webinar, Bob Keebler will discuss the many issues estate planners and administrators will need to work through to comply with the Code and protect the estate, beneficiaries, and themselves. Bob will cover the following topics:
  • Overview of the new basis consistency regulations;
  • The Zero Basis Rule: Failure to report can result in an asset having zero basis!
  • The Subsequent Filing Requirement
  • How to complete the new form including reporting:
    • Assets with IRD;
    • Assets passing to charity; and
    • Assets passing to a spouse



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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of """"first impression."""" Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - """"Family Tax Planning Forum,"""" Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com


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