The Basis Rules for Assets Acquired by
Gift or Inheritance are More Complex
Than You May Think
For most of your clients, capital gains taxes (and planning to avoid them) have become a far greater concern than estate taxes.
If you’re a CPA, estate planning attorney, or financial advisor, you already know the general concept of how capital gains are measured - - the amount of sales or other proceeds in excess of “basis”. But are you aware of the intricacies of how basis is computed, particularly in these events…
- When assets are acquired by gift (including a gift in a trust)?
- When they were previously sold to an IDGT (or a non-grantor trust)?
- When they’re acquired from a decedent (including the impact of state community property and separate property rules and potential “step-down” in basis)?
- When assets acquired at the original owner’s death in trust and subject to a power of appointment?
- When assets are inherited back by a donor (gift maker) after the donee (recipient of the gift) dies?
- How the calculation of basis is affected when nonqualified annuities, IRAs and other items of IRD (like installment notes) are involved?
Learn all this and more (including planning to maximize basis step-up) on this 90-minute, in depth presentation by Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, entitled, “Understanding the Tax Basis Rules When Assets are Acquired by Gift or Inheritance”.
Your purchase includes: Downloadable PDF handout materials and MP3 audio recording. A PDF transcript may be added on for an additional fee during the checkout process.