New BNA Webinar Prepares Tax Practitioners While IRS Form 8939 Deadline Looms

ARLINGTON, Va., Nov. 22, 2011 /PRNewswire-USNewswire/ -- The IRC Section 1022 Election to elect out of the federal estate tax and into the modified carryover basis regime for persons dying in 2010 must be made on a timely-filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, not later than January 17, 2012. No extension of time to file this election will be permitted.

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A new Form 8939 webinar from BNA Tax & Accounting explains how to file Form 8939 consistently, and how to determine the information required that needs to be shared with estate beneficiaries while understanding the allocation of GST exemption and the ancillary effects of the 1022 election.

During this live event, participants will be provided with a conceptual understanding and application of the following:

• Filing deadlines and relief provisions
• Property acquired from a decedent
• Property owned by a decedent
• The role of fair market value and required support
• Carryover basis and its support
• The three components of the basis increase and their computation
• Considerations in allocating the basis increase
• Sharing basis information with estate beneficiaries
• Filing a Schedule R (GST Schedule) with the Form 8939
• Effects of the Section 1022 election on:
  • Holding periods for inherited assets
  • The character of inherited property
  • The depreciation of inherited property
  • The IRC Section 754 election
  • Treatment of the decedent's suspended passive losses
  • Gain recognition on trust funding
  • The IRC Section 645 election
  • The application of Section 684 when funding offshore bequests

Craig L. Janes, a CPA with Deloitte Tax, LLP, has more than 26 years of professional practice designing and implementing strategies that achieve the personal and charitable objectives of many of the firm's wealthiest clients. He has developed specific expertise in post mortem planning, fiduciary income taxation and estate administration including conducting and closing estate tax examinations with the IRS and state agencies in closing complex estates.

Mr. Janes is a frequent speaker and author on various topics including new technical developments in the estates, gifts and trusts area, generation-skipping taxation, family limited partnerships, grantor retained annuity trusts and estate and gift tax return risk management. Mr. Janes is currently a member of the Editorial Board for Estate Planning, a Warren Gorham and Lamont publication and contributes frequently to that publication. Mr. Janes, together with his colleague Laura Peebles, rewrote Portfolio 822, Estate and Gift Tax Returns and Audits for Tax Management, publisher of the BNA Estate, Gifts, and Trusts Portfolios.

Laura H. Peebles, a Tax Director in the Washington National Office of Deloitte Tax, LLP, has 24 years experience with Deloitte in the National Office and New Orleans, following 10 years with local CPA firms. She has extensive experience serving the charitable, financial, tax, and estate planning needs of high net worth individuals. Ms. Peebles headed the estate, individual, and charitable planning tax practices in the New Orleans office through 1997, and is now serving the firm's offices and clients worldwide through the National Tax Office in Washington, D.C.

Principal areas of Expertise include estate, gift and trust taxation and planning; and charitable planning and other individual tax issues. She speaks and writes frequently on these issues.

Form 8939 Allocation of Increase in Basis for Property Acquired From a Decedent who Died in 2010 takes place November 29, 2011, from 12:30 P.M. – 2:00 P.M., (ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bna.com/form-8939-allocation-w12884904286/?utm_source=newswire&utm_medium=PR&utm_content=TM&utm_campaign=Webinar-11292011 or (in the U.S.) call 800.372.1033, menu Option 6, then Option 1. The per-site fee is $249.

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About BNA Tax & Accounting Webinars 
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

About BNA 
BNA, a wholly-owned subsidiary of Bloomberg L.P., is a leading source of legal, regulatory, and business information for professionals. Our network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance — the information that matters most to professionals.  BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & security, human resources, and environment, health & safety.

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