March 27, 2024 – While the U.S. Internal Revenue Code’s income tax rules can be favorable with respect to property acquired from a deceased person, the Code also contains discrepancies and potential traps for the unwary. A new treatise from PLI Press, Income Taxation of Property Acquired from a Decedent, is an essential resource for tax practitioners and others who advise on estate and income tax matters, covering planning opportunities and traps to consider before and after death.
“With proper, informed planning, discrepancies under the Code can be cured, traps can be avoided, and traditional estate planning techniques combined with additional income tax planning can lead to favorable results for both estate and income tax,” says the treatise’s author, Matthew S. Beard.
Comprehensively addressing income tax issues related to transfers after death, the publication’s topics include the exclusion from gross income under I.R.C. § 102, the new basis under I.R.C. § 1014, the application of these rules to common trust and entity structures in estate planning, substantiation, and planning opportunities and potential traps for the unwary to consider before and after death.
About the Author: Matthew S. Beard practices law in Dallas, Texas, in the areas of taxation, estate planning, and business planning. He is also an adjunct professor of law at Southern Methodist University, and has taught courses on federal income, estate, and gift taxation. Mr. Beard received his B.B.A. and J.D. from Baylor University, and his LL.M. in Taxation from Southern Methodist University.
About Practising Law Institute (PLI)
Founded in 1933, Practising Law Institute (PLI) is a nonprofit learning organization dedicated to keeping attorneys and other professionals at the forefront of knowledge and expertise. PLI provides accredited continuing legal and professional education programs delivered by more than 4,000 volunteer faculty, including top experts across practice areas. Additionally, PLI publishes a comprehensive library of treatises, course handbooks, answer books, and journals, also available through the PLI PLUS online platform and app. The essence of PLI’s mission is a commitment to the pro bono community. Based in New York, PLI also has an office and Conference Center in San Francisco. Visit www.pli.edu to learn more.