Webinar: 2022 1040 Individual Tax Conference Part B by Professional Tax Institutes, Inc.

1. IRC Section 1014 provides a general definition of basis for assets as*

Fair Market Value on decedent’s date of death

Purchase value when acquired by the decedent

Latest property tax value

* Submission Required

About This Webinar

Disposition of Estate Assets for most taxpayers is not an issue due to the current exclusion amounts, however, we will discuss some of the more common and important rules affecting distributed property. Most owners at some point sense the time has come to close their business. This presentation focuses on various considerations involved in selling a business, specifically service-related businesses such as tax practices. IRS Provider #0FY01. This course is not NASBA approved.

Agenda

Distribution of Estate Assets
Terminating a Business Interest

Presenters

Paul Bumgarner, Charlotte, NC

Shareholder, Enrolled Agent

Paul is a sole practitioner in Charlotte, NC. After opening his practice in 1974, he became an enrolled agent in 1977. Paul attended the University of North Carolina at Charlotte and is a graduate of Central Piedmont Community College with a degree in accounting. He has served as a seminar speaker for various accounting organizations for more than 35 years, 20 of which as a farm and small business tax instructor for NC State University.

Fran Coet, Fairhope, AL

CPA

After successful tax and accounting career owning Coet 2 CPAs and as a partner with the successor firm, ATLAS Advisors & CPAs, a regional CPA firm, Fran Coet left the Front Range area of Colorado and relocated to the Eastern Shore of Mobile Bay in Alabama. Since April of 2021, she is growing her boutique tax planning and preparation firm, A Dollar Here, A Dollar There, PC. Fran is licensed as a CPA in Colorado & Alabama.

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