New Basis Reporting Requirements for Estates: Meeting Form 8971, Schedule A, and New Beneficiary Consistency Mandates

Recording of a 110-minute CPE webinar with Q&A

Conducted on Tuesday, July 11, 2017
Recorded event now available

This webinar will provide tax advisers to trusts and estates with a practical guide to the new estate basis consistency reporting requirements. The panel will explain the latest IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on new Form 8971. The panel will also outline useful tips for assisting fiduciary clients in completing Form 8971.


The basis consistency initiative launched by the IRS has caused significant concern among tax advisers and estate executors. The enactment in 2015 of IRC Section 1014(f) requires consistency between an asset’s reported estate tax value and the basis of the asset when acquired by the estate beneficiary.

Congress then imposed new reporting requirements in IRC 6035 that require estate executors to identify the value of property reported on the estate tax return to both the IRS and the estate beneficiaries. The IRS responded with Form 8971 to facilitate this reporting. Since then Treasury has issued proposed regulations and the instructions to Form 8971 were significantly revised in September, 2016.

Advisers must understand which estates are required to file Form 8971, which assets are subject to reporting, how to prepare Schedule A, and the special provisions for income in respect of a decedent.

Listen as our expert panel provides you with a thorough guide to the basis consistency reporting requirements, giving you tools to assist your fiduciary clients to timely file Form 8971.


  1. Basis consistency reporting rules
  2. IRS using basis consistency reporting to cross-reference with beneficiaries’ returns
  3. Intersection of IRC Sections 1014 and 6035
  4. Exemptions from reporting requirements
  5. Form 8971 reporting
  6. Subsequent transfers provision


The panel will review these and other important issues:

  • Which estates are required to file Form 8971?
  • What assets are subject to reporting?
  • What are the penalties for failure to file the asset valuation disclosure and basis consistency reporting?
  • Schedule A preparation
  • Changes arising from the most recent instructions to Form 8971/Schedule A
  • Limited use of attachments to Schedule A
  • What are the special provisions for income in respect of a decedent in completing Form 8971?

Learning Objectives

After completing this course, you will be able to:

  • Identify estates required to file Form 8971
  • Determine the assets that are subject to reporting
  • Ascertain the penalties for failure to file Form 8971 or Schedule A
  • Establish the IRC 1014(f) basis consistency requirements for assets
  • Select the best method of valuation of estate assets and recognize when as asset’s value becomes a final valuation


Vincent F. Lackner, Jr., President
The Lackner Group, Pittsburgh

Mr. Lackner is the architect and principal developer of the 6-in-1 Estate Administration System. He is nationally known for his extensive experience with integrating estate tax, gift tax, fiduciary income tax, and fiduciary accounting. Also a licensed lawyer with wide experience in tax and probate law, he is a pioneer in the use of technology in law offices.

Keith Schiller, Esq.
Schiller Law Group, Alamo, Calif.

Mr. Schiller's practice predominantly focuses on estate planning (including business formation and succession planning), trust and estate administration, and compliance with complex issues. He advises clients on an extensive range of issues including reviewing estate and gift tax returns, consulting or representing clients on audits, appeals, and tax court matters. He lectures on estate planning to professionals, teaching to over 1,700 professionals annually. He authored Estate Planning At The Movies® – Art of the Estate Tax Return, a comprehensive textbook now in its Second Edition, published by Bloomberg BNA. He authored more than 12 course texts and more than three dozen published articles. He has taught the full-day course GST Tax from A-Z for the California CPA Education Foundation since 1994.

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Program Materials

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Customer Reviews

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

The conference was technical, informative and presented at a good pace.

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Jackie Meyer

Sample and Bailey

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

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Cover & Rossiter

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

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Barraclough & Associates

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