Total Credits: 2 including 2 Taxes - Technical
Breaking News!! During tax season, IRS planted a couple of nuclear bombs in its newly issued Form 8971 Basis Consistency Regulations:
1. IRS’ all new ZERO BASIS rule: If tax matters are mishandled at the estate level, the beneficiary’s basis (for income tax purposes) in an inherited asset is ZERO!!
2. SUBSEQUENT TRANSFER rule: Any later transfer by a beneficiary (of an asset originally subject to Form 8971 reporting) itself must be reported on a newly generated Form 8971 (and related Schedule A).
IRS Form 8971 (and its Schedule A) is the controversial brand new form an estate must complete to report basis of inherited assets to IRS (and beneficiaries). There's a whole lot more to it than meets the eye for income and estate tax professionals.
**This course is approved by the IRS. The submission of a completed request form, found under the materials tab, is required for credit. Please send completed form to firstname.lastname@example.org.
|Basis_Consistency_and_Form_8971_Slides (0.24 MB)||Available after Purchase|
|form_8971_accessible (0.10 MB)||3 Pages||Download|
|IRS Form 8971 Instructional Link||Available after Purchase|
|Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (0.47 MB)||Available after Purchase|
|IRS CE Credit Request Form (0.15 MB)||Available after Purchase|
Bradley Burnett, J.D., LL.M. (Taxation), is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns.
Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.
Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an Employment Tax course and occasionally pinch hit teaching the IRS Practice and Procedure topic. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.
Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte’ is the candid communication of practical ideas relating to tax law.
Mon, Dec 31, 2018 - 07:00a to 09:00a CST
Wed, Apr 17, 2019 - 09:00a to 11:00a CDT
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