The Many Applications of IRC 1014 (Completed)

Date: Thursday, July 28, 2022
Instructor: Klaralee R. Charlton
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Tax Planning for CFP

Internal Revenue Code section 1014 is one of the most taxpayer friendly code sections and is frequently referred to as the “step-up in basis” code section. While the application of IRC 1014 is obvious in many instances, too often practitioners pass up opportunities to adjust the basis of assets that fall under its rules. In this course, we will review the basic application of IRC 1014 and then explore less common applications of the basis adjustment rules. We will also examine state planning methods that will maximize taxpayers’ benefit from the application of these rules.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

  • Review of the basis adjustment rules under IRC 1014
  • Description of unusual applications of the basis adjustment rules
  • Illustration of the benefits that can be achieved by applying the basis adjustment rules
  • Examples of how best to design an estate plan to achieve estate planning goals and also utilize the basis adjustment rules.

Learning Objectives

  • Identify the application of IRC 1014 and how it benefits taxpayers by adjusting the cost basis of assets at the death of a taxpayer
  • Describe the importance of structuring an estate plan to incorporate the utilization of the basis adjustment rules
  • Identify hidden basis adjustment opportunities
  • Recogize how to analyze the tax savings that can be achieved by adjusting the tax basis at death
  • Identify how to recommend estate planning techniques to maximize the benefits of the tax basis adjustment


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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