The Nitty-Gritty Details of Income Tax Basis
Basis is trickier than it might appear. Many believe they understand the concept, however once mired in a specific case questions emerge. The current estate planning environment requires planners to understand the income tax, especially basis, better than the estate tax. This course will cover the following topics:
- Basis of property acquired by gift
- Basis of property subject to gift tax
- Basis of property acquired by gift immediately before death
- Basis of property acquired from a decedent
- Distribution standards & basis
- Basis of purchases & reinvestments made by a executor
- Basis of property subject to a power of appointment
- Basis of property sold to an intentionally defective grantor trust before death
- Basis of property sold to an intentionally defective grantor trust after death
- Basis of property transferred back to the donor after the death of the recipient
- Basis of nonqualified annuities, IRAs, and other items of IRD
- Basis in community and separate property states
- Basis of property held by an incomplete gift non-grantor trust
- Basis and grantor trust substitution powers
- Basis of property sold using a private annuity
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