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Form 8939 Allocation of Increase in Basis for Property Acquired From a Decedent who Died in 2010

Form 8939 Allocation of Increase in Basis for Property Acquired From a Decedent who Died in 2010
Product Code - TMA45
Speaker(s): Craig L. Janes and Laura H. Peebles, Deloitte Tax, LLP
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The IRC § 1022 Election to elect out of the federal estate tax and into the modified carryover basis regime for persons dying in 2010 must be made on a timely filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, not later than January 17, 2012. No extension of time to file this election will be permitted.

The IRS finalized the Form 8939 October 6th and the form instructions followed on October 25th. On October 19th, it released its promised additional guidance in the form of Publication 4895 (Tax Treatment of Property Acquired from a Decedent Dying in 2010). For those who have 2010 estate clients, please join us to discuss the preparation and filing of the Form 8939 and the ancillary income tax effects that the IRC §1022 election imparts.

During this live event, participants will be provided with a conceptual understanding and application of the following:

  • Filing deadlines and relief provisions
  • Property Acquired from a Decedent
  • Property Owned by a Decedent
  • The Role of Fair Market Value and Required Support
  • Carryover basis and its Support
  • The three components of the Basis Increase and their computation
  • Considerations in Allocating the Basis Increase
  • Sharing Basis Information with Estate Beneficiaries
  • Filing a Schedule R (GST Schedule) with the Form 8939
  • Effects of the §1022 election on:
    • Holding Periods for Inherited Assets
    • The Character of Inherited Property
    • The Depreciation of Inherited Property
    • The IRC § 754 election
    • Treatment of the decedent’s suspended passive losses
    • Gain recognition on trust funding
    • The IRC § 645 election
    • The application of § 684 when funding offshore bequests

Upon completion of this program, participants will be able to:

  • File Forms 8939 consistently
  • Determine the information required to be shared with estate beneficiaries
  • Understand the allocation of GST exemption to 2010 testamentary transfers
  • Better understand the ancillary effects of the 1022 Election

Craig L. Janes and Laura H. Peebles, Deloitte Tax, LLP

 Craig L. Janes, CPA Deloitte Tax, LLP
Mr. Janes has more than 26 years of professional practice designing and implementing strategies that achieve the personal and charitable objectives of many of the firm’s most wealthy clients. He has developed specific expertise in post mortem planning, fiduciary income taxation and estate administration including conducting and closing estate tax examinations with the IRS and state agencies in closing complex estates.

Mr. Janes is a frequent speaker and author on various topics including new technical developments in the estate, gift and trust area, generation-skipping taxation, family limited partnerships, grantor retained annuity trusts and estate and gift tax return risk management. Craig is currently a member of the Editorial Board for Estate Planning, a Warren Gorham and Lamont publication and contributes frequently to that publication. Craig together with his colleague Laura Peebles, rewrote Portfolio 822, Estate and Gift Tax Returns and Audits for Tax Management, publisher of the BNA Estate, Gifts, and Trusts Portfolios.

Mr. Janes is a member of the AICPA and is licensed in Texas and the District of Columbia.

Mr. Janes holds a BS, Summa cum laude; valedictorian from Utah State University and an MPA, from the University of Texas at Austin

Laura H. Peebles, Deloitte Tax, LLP
Tax Director, Washington National Office of Deloitte Tax LLP
Ms. Peebles has 24 years experience with Deloitte in the National Office and New Orleans, following 10 years with local CPA firms. She has extensive experience serving the charitable, financial, tax, and estate planning needs of high net worth individuals. Ms. Peebles headed the estate, individual, and charitable planning tax practices in the New Orleans office through 1997, and is now serving the firm’s offices and clients worldwide through the National Tax Office in Washington, D.C.

Principal areas of Expertise include estate, gift and trust taxation and planning; and charitable planning and other individual tax issues. She speaks and writes frequently on these issues.

On “Best Estate Planners” list, Washingtonian Magazine
Author, BNA Portfolio #844, Estate Tax Credits and Computations
Co-author, BNA Portfolio #822, Estate Gift and Generation-Skipping Tax Returns and Audits
Ms. Peebles is a CPA and a Personal Financial Specialist. Her BS in Accounting (summa cum laude) is from the University of New Orleans.