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Basis Consistency and Form 8971

Total Credits: 2 including 2 Taxes - Technical

Average Rating:
ACPEN Industry Institute |  Tax |  ACPEN Tax Institute |  IRS Approved
Bradley Burnett, J.D., LL.M.
Course Levels:
2 Hours


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

Basic Course Information

Learning Objectives *To enlighten as to how Congress has mandated basis consistency in a broad variety of contexts, including how the 3 year period of limitations for tax assessment may be extended to 6 years, as well as basis of assets inherited by beneficiaries *To explore the timing and detail of new IRS Form 8971 and the devastating consequences of failure to comply with the vast array of Congress', Treasury's and IRS’ new rules
Major Subjects * Due date of Forms 8971 (that were otherwise due) put off by IRS until June 30, 2016 * Penalties for non compliance can be financially disastrous * Highway Funding Bill (P.L. 114-41) created basis mania with 5 new statutes, including: 1. New IRC §1014(f) – Heirs must use the estate tax value of assets received from an estate as their income tax basis 2. New IRC §6035 – Executors must report estate tax value of assets to IRS and heirs 3. IRC §6501 – 6 year statute of limitations (on assessment) expanded to apply where overstatement of asset basis omits more than 25% of gross income stated on return * IRS issued Form 8971 and prop/temp regs in response * The breadth and depth of this new topic will catch the unsuspecting badly off guard * How to avoid the impending doom of IRS' new ZERO BASIS rule * What every income tax and estate tax planner must know about the SUBSEQUENT TRANSFER rule and all new Supplemental reporting *Critical new protocols to follow in planning, estate tax and income tax preparation and client communication

Course Materials


Bradley Burnett, J.D., LL.M. Related seminars and products: 14

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.

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Those desiring to understand the broad, hard hitting impact and surprisingly far reach of Congress’, Treasury’s and IRS’ new basis consistency rules. Income tax planners, estate planners and affected taxpayers who desire to maintain advantage and comply with the broadly applicable and potentially punishing new rules.
Original Recording Date 06/01/2016
Yellow Book No
Course Developer Bradley Burnett Tax Seminars, Ltd.
Date Added to Catalog 05/19/2016

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints., (972-377-8199).
Official Registry Statement Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
Instructional Delivery Method Group Internet Based
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
Course Registration Requirements Online Registration



Overall:      4.3

Total Reviews: 21

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