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 AttendAttorneys, CPAs, and Enrolled Agents.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)