Do You Understand the
New Basis Consistency Regulations
and How to Properly Complete IRS Form 8971?

Well, you better! (And you better do so quickly, because there’s an important deadline coming up on June 30, 2016!)

This new IRS Form 8971 is going to be required for any estate required to file a Form 706. The IRS released draft instructions on January 6, but now, after public comment, on March 2nd, the U.S. Treasury issued its revised proposed regulations.  These revised regulations contain several major surprises that require the urgent attention of practitioners; the zero basis rule and the supplemental subsequent filing requirement.

  1. The Zero Basis Rule.

    SUMMARY:  The zero basis rule(s) provide that if assets are not property reported (i.e. omitted) on a form 706 the basis of the property will be zero.   The zero basis rule will likely increase the number of 706s that are filed.

  2. The Subsequent Filing Requirement.

    SUMMARY: The subsequent filing requirement mandates that heirs receiving property from an estate must report the later gift of that property to family members and certain controlled entities.

While Form 8971 itself seems manageable, the Schedule A is going to be a nightmare!  Each asset must be reported separately for each beneficiary.   Further, there will be special rules for IRD and for assets passing to charity or a spouse.  In trust and estate litigation the 30-day rule will be especially troublesome when a P.R. and their counsel are working diligently to prevent asset disclosures.  We will review the strategies that are developing to prevent or delay disclosures.

These filings cannot be extended and penalties exist for not filing in a timely manner!

This is why we have enlisted the help of nationally renowned CPA, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA to navigate estate planners through this new form on a very special presentation entitled, “Understanding the New Basis Consistency Regulations and How to Properly Complete Form 8971″.

During this 90-minute presentation, Bob will cover:

  • The new basis consistency regulations, including the new revised regulations and the Zero Basis Rule and Subsequent Filing Requirement
  • The traps & tricks of completing new IRS Form 8971 (due on June 30th)
  • How to properly complete Schedule A
  • Special IRD rules
  • Assets passing to charity and spouse
  • And much, much more details necessary for properly completing Form 8971

Whatever you do, make sure that you’re up-to-speed and on top of this new IRS Form 8971 for your clients!

  • Program Title: Understanding the New Basis Consistency Regulations and How to Properly Complete Form 8971 (per the Proposed Regulations)
  • Speaker:
  • Duration: 90 minutes


Includes: Immediately downloadable handout materials and MP3 audio recording.


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Robert S. Keebler

CPA/PFS, MST, AEP (Distinguished)
Robert S. Keebler

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. 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…


The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.

However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.