Webinar: Farm Assets and Basis after the Death of the Farmer

July 24, 2017

Review of assets that qualify for stepped-up or a stepped-down basis. In addition, an overview of valuation methods and depreciation issues related to the assets. Is there a difference between a farmer who materially participates and who is a non-material participating farmer.  How is ownership basis affected?  Reporting for the decedent, estate and beneficiary guidance. The discussion will focus on the tax professional and the issues they face with specific situations.  Please see agenda for the full outline of topics.

July 24, 2017 - Noon to 2 PM - 2 hours of CPE



Death of a Farmer

  1. Identify who has authority to act on behalf of an estate
    • Power of attorney
    • Third party designee
    • Court appointed executor
  2. Unused credit and loss carryforwards
    • NOL carryforwards
    • Unused charitable deductions
    • Unused capital losses
  3. Income of the estate
    • Income in respect of a decedent (IRD).
    • Income from the property of the estate.
  4. Filing Form 1041
  5. Calculate basis of a life estate and a remainder interest, and the gain on the sale of those interests.
  6. Determine the surviving joint tenant’s basis in joint tenancy property.
  7. Discuss Portability of deceased spouse’s unused exemption (DSUE)
  8. Valuation of unharvested crops
  9. Valuation of Harvested Grain
  10. Valuation of Breeding Stock
  11. Special use valuation
  12. Alternate valuation date
  13. Pre-death planning
    • Gift assets
    • Sell assets
    • Establish trust

To register: https://goo.gl/HXsuzx

  • $37 for 1 hour of CPE
  • $74 for 2 hours of CPE
  • Registration fee is non-refundable
  • Unable to attend the webinar you're registered for?  Let us know and we can get you registered for another webinar of your choice.

  • No advance prep is needed for our webinars
  • Webinar length: 60 to 120 minutes
  • CPE delivery mode: group internet based
  • Platform: Webinars are presented on GoToWebinar 
  • How does the attendee log onto a webinar?  You will receive an email from Kristy Maitre, which includes a special link to click on to enter the webinar.
  • System Webinar requirements: http://support.citrixonline.com/webinar/all_files/G2W010003
  • Test your Internet Connection or Audio: http://support.citrixonline.com/en_US/Webinar/all_files/G2W060001
  • To ensure no techicial difficulties, we suggest joining the webinar at 10-15 minutes before the start time.
Continuing Education: 

Who should attend:

  • enrolled agents
  • tax return preparers
  • CPAs
  • attorneys (Please contact Tiffany at tlkayser@iastate.edu if you would like CLEs for this webinar)

Please consult your state’s accrediting agency/board for its rules on admissibility of this course.  It is the responsibility of the attendee to understand and comply with state licensing CPE/CLE requirements.

Program Approval:

  • Approved for 2 hours of federal tax law - Program # Y7WRM-T-00205-17-O

Kurt Konek brings more than 23 years of certified public accounting experience to his teaching. He has most recently taught at the 43rd Annual Federal Income Tax Schools. His CPA firm, Konek, PC, has offices in Prairie City, Sully, Boone, West Des Moines, and Newton. Kurt is a member of the AICPA and is a designated Chartered Global Management Accountant. He also serves as Chair of the Taxation Committee of the Iowa Society of CPAs. Kurt is a graduate of Iowa State University.

Kristy Maitre is the tax specialist at ISU’s Center for Agricultural Law & Taxation. Prior to joining CALT, Kristy worked for the Internal Revenue Service for 27 years. Before retiring from the IRS in 2014, Kristy was serving as the IRS Senior Stakeholder Liaison for the State of Iowa. At CALT, Kristy conducts frequent webinars and seminars on a variety of tax topics. She also instructs practitioners through her writings on TaxPlace and her free bi-weekly webinar, The Scoop: Hot Issues from the Front Lines.

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

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