The Many Applications of IRC 1014

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Internal Revenue Code (IRC) Section 1014, commonly known as the "step-up in basis" rule, is one of the most taxpayer-friendly provisions in the tax code. While its application is straightforward in many cases, practitioners often overlook opportunities to adjust the basis of assets that qualify under its provisions.

This course provides a comprehensive review of the fundamentals of IRC 1014 and explores lesser-known applications of basis adjustment rules. Participants will also examine estate planning strategies designed to maximize the tax benefits of stepped-up basis, ensuring clients take full advantage of this powerful tax-saving tool.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

• Overview of basis adjustment rules under IRC 1014
• Uncommon applications of basis adjustment and overlooked opportunities
• Tax benefits and savings achieved through basis adjustments
• Estate planning strategies to maximize the step-up in basis
• Case studies on effective estate plan design incorporating basis adjustment rules

Learning Objectives

• Explain the application of IRC 1014 and its role in adjusting the cost basis of assets at a taxpayer’s death to minimize tax liabilities
• Assess the importance of structuring estate plans to effectively incorporate basis adjustment rules for optimal tax benefits
• Identify overlooked opportunities for basis adjustments that can enhance tax planning strategies
• Analyze the potential tax savings that can be achieved through strategic basis adjustments at death
• Recommend estate planning techniques that maximize the benefits of the step-up in basis for clients

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None