CCH® Carryover Basis Answers

CCH Carryover Basis Answers Offers Precise Guidance

Estate planning always deals with unpredictability, but given the tax changes of 2010, practitioners face a new level of complexity, particularly regarding estates of decedents dying in 2010. Filling the gap for practical guidance in this area is CCH Carryover Basis Answers, the only user-friendly resource designed to simplify compliance with the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the election to apply the modified carryover basis rules for the estates of decedents dying in 2010.

Dramatic Year-End Tax Changes Create a Planning Challenge

The 2010 Act gives executors a choice, allowing them to opt out of the estate tax and apply the carryover basis rules that were in effect for 2010 under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). But how do you go about determining the best tax choice for any particular client? It will require gathering and compiling information that may be hard to find and then doing an extensive analysis of all the facts. In addition to figuring out how to apply the carryover basis rules, the practitioner must also allocate proper value amounts to the asset and report them to beneficiaries and the IRS.

Determine the Best Approach with Authoritative Assistance

Now that either the estate tax rules or those governing carryover basis can be elected for the estates of decedents dying in 2010, it’s essential to determine the best plan for your clients and document how you applied the calculation. That’s where CCH Carryover Basis Answers comes in. This practice-oriented product provides insightful guidance in a Q & A format, with valuable practice tools for ensuring affected estates are in compliance with specific 2010 law changes. It enables you to quickly identify the right approach with a comprehensive comparison between estate tax and carryover basis.

Renowned industry experts Ron Aucutt, Charles “Skip” Fox IV, and Graham McGoogan Jr. of McGuireWoods LLP; and Robert Keebler, Peter Melcher, and Michelle Ward of Keebler & Associates LLP, collaborated on the development of this exceptional reference.

In addition to extensive, concise explanations, CCH Carryover Basis Answers includes a helpful webinar with the authors and provides web links to the Internal Revenue Code, regulations and other guidance to help clarify the applicable rules.

Find Critical Answers Fast

The extensive explanatory material found within CCH Carryover Basis Answers consists of a Statutory Review in a Question and Answer Format that addresses special carryover basis issues and situations, such as:

• Depreciable property
• Negative partnership basis (Sub-K concept)
• Code Sec. 754 Elections
• Alternative valuation date elections
• QTIP Trust inclusion under Code Sec. 2044
• Inclusion under Code Sec. 2036 and Code Sec. 2038
• Power of Appointment inclusion under Code Sec. 2041
• Gifts within three years of death
• Spousal gifts within three years of death

Also addressed are legal, probate, and settlement issues.

Practice Aids are available to streamline your work and increase your efficiency, including:

• Engagement Letter
• Letter from Executor to Beneficiary
• Letter from Practitioner to Executor
• Checklist
• Carryover Basis Allocation Workbook
• Election comparison tool to analyze what would be best for your client – estate tax or carryover basis (Coming Soon!)
• IRS Forms (when available)