Webinar Replay - Farm Assets and Basis after the Death of the Farmer

Kurt Konek and Kristy Maitre
July 24, 2017

This webinar was a 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.  

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


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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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