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Basis Consistency Form 706 and 8971 Samples by Vincent F. Lacked, Jr., Esq. The Lacked Group, Inc. Pittsburgh, PA Heckling Institute on Estate Planning 2017 Table of Contents 706 and 8971 DOD Value

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4. If applicable, include information about any previous work experience, including job titles, companies, and dates of employment.
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What is basis consistency?

Basis consistency is the requirement to report the same value for an asset on both the estate tax return and the beneficiary's income tax return.

Who is required to file basis consistency?

The executor of an estate is required to file basis consistency.

How to fill out basis consistency?

Basis consistency is typically filled out using form 706 or form 8971.

What is the purpose of basis consistency?

The purpose of basis consistency is to ensure that the correct value of assets is reported for estate tax and income tax purposes.

What information must be reported on basis consistency?

The basis consistency report must include the fair market value of assets at the date of death, the value reported on the estate tax return, and the value reported on the beneficiary's income tax return.