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The issue introduces a quarterly SDF newsletter focused on trust and estate litigation and administration, estate planning, and tax matters. Featured articles explain new Internal Revenue Code Section 6035 reporting and disclosure requirements for executors and beneficiaries, including Form 8971 timing, Schedule A disclosures, and supplemental filings. It also provides an overview of probate, describing the court process, Nevada probate estate value-based requirements, and payment of debts before distribution.",{"@graph":63,"@context":122},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/newsletter-summer-2016-highlights/302403/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/newsletter-summer-2016-highlights/302403.png","ImageObject",442,249,{"name":88,"@type":89},"Maeve","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-27","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114,118],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of the SDF quarterly newsletter announced in this issue?","Question",{"text":108,"@type":109},"It provides informative, cutting-edge articles on trust and estate litigation and administration, estate planning, tax matters, and general civil litigation to help the public, business owners, and legal/accounting professionals.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"When must executors file Form 8971 for beneficiaries acquiring property from a decedent?",{"text":113,"@type":109},"Form 8971 must be filed no later than the earlier of 30 days after the estate tax return is filed or 30 days after the due date of the estate tax return, including extensions.",{"name":115,"@type":106,"acceptedAnswer":116},"What must an executor disclose to each beneficiary on Schedule A by the due date of Form 8971?",{"text":117,"@type":109},"If the executor has determined asset distribution, the executor must list and disclose the specific items from the estate tax return each beneficiary will receive. 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Solomon, Dana A. Dwiggins, and Alan D. Freer were again recognized as Super Lawyers  \n􀂃 April 27, 2016 – Mark A. Solomon presented at a STEP seminar entitled “Developmentsin Nevada Estate Planning Legislation”  \n􀂃 Brian K. Steadman and Alexander G. LeVeque were each selected as Rising Stars by Super Lawyers  \n􀂃 Jeffrey P. Luszeck was named to the 2016 Nevada Legal Elite by the Nevada Business Magazine and presented at a seminar entitled “Estate Administration from Start to Finish” on June 14, 2016  \n􀂃 Alexander G. LeVeque and Steven E. Hollingworth attended a meet and greet with John Ralston  \n􀂃 April 6, 2016 & April 29, 2016 -Steven E. Hollingworth was interviewed by Channel 8 regarding tax matters and Prince’s estate  \nUPCOMING EVENTS  \n􀂃 SDF will be hosting BNY Mellonon July 12, 2016 for a Cannon  \nTeleconference entitled  \n“Preserving the Integrity of the Estate Plan”  \n\n| IN THIS ISSUE\u003Cbr>New Tax Basis Reporting and Disclosure Requirements for Executors and\u003Cbr>Beneficiaries   1\u003Cbr>Probate Basics   2 A NOTE FROM SDF Solomon, Dwiggins and Freer, LTD. (SDF) is pleased to announce that it will begin to publish a quarterly Newsletter, the purpose of which is to provide cutting edge and informative articles pertaining to trust and estate litigation and administration, estate planning, tax matters, and general civil litigation to assist the general public, business owners, and legal and accounting professionals. SDF hopes the Newsletter will become a valuable resource for the State of Nevada. ARTICLES |\n| --- |\n| \u003Cbr>New Tax Basis Reporting and |\n| \u003Cbr>Disclosure Requirements for |\n| \u003Cbr>Executors and Beneficiaries |\n| Steven E. Hollingworth, Esq.\u003Cbr>Under Section 6035 of the Internal Revenue Code, all executors who have filed or are required to file a federal estate tax return after July 31, 2015 must file an additional informational return with the IRSand with the estate beneficiaries. |\n\nForm 8971 – Information Regarding Beneficiaries Acquiring Property from a Decedent – must be filed no later than the earlier of (a) 30 days after the date the estate tax return is filed or (b) 30 days after the due date (including any extensions) for the estate tax return.  \nAs a special transition rule, any Form 8971 ordinarily due before June 30, 2016 need not be filed with the IRS and furnished to a beneficiary until June 30, 2016. See Notice 2016-27. Although final regulations interpreting the executor’s filing obligations have not yet been promulgated, IRS officials have stated that the IRS does not intend to further extend the filing deadline. Because failure to timely file a Form 8971 can expose the executor to penalties, executors should be prepared to file Form 8971 based on the existing form and the proposed regulations.  \nThe purpose of this new reporting obligation is to enforce the mandate under Section 1014(f) of the Internal Revenue Code, which provides that the tax basis of any property that is included in a decedent’s estate and increases an estate tax liability cannot exceed its finally determined estate tax value.  \nThe new filing obligations are imposed only on executors of estates that are required to file a Form 706 estate tax return. Basis reporting is not necessary if the estate falls under the Form 706 filing threshold or if the executor is filing an estate tax return only to elect portability or make a GST election.  \n2 | P a g e  \nSummer 2016  \n\n| If, by the due date of the Form 8971, the executor has determined how the estate assets are to be distributed among the beneficiaries, the executor must list and disclose to each beneficiary on Schedule A those items from the estate tax return that the respective beneficiary will receive. If the actual distribution varies from the Schedule A, the executor must file a supplemental Form 8971 and schedules with the IRS and each affected beneficiary. See Prop. Reg.\u003Cbr>§1 .6035-1(e)(1) .\u003Cbr>On the other hand, if by the filing du","cbCailcM4XMdcz15","https://ap.wps.com/l/cbCailcM4XMdcz15","pdf",292864,"English","# New Tax Basis Reporting and Disclosure Requirements for Executors and Beneficiaries\n## Probate Basics","[{\"question\":\"What is the purpose of the SDF quarterly newsletter announced in this issue?\",\"answer\":\"It provides informative, cutting-edge articles on trust and estate litigation and administration, estate planning, tax matters, and general civil litigation to help the public, business owners, and legal/accounting professionals.\"},{\"question\":\"When must executors file Form 8971 for beneficiaries acquiring property from a decedent?\",\"answer\":\"Form 8971 must be filed no later than the earlier of 30 days after the estate tax return is filed or 30 days after the due date of the estate tax return, including extensions.\"},{\"question\":\"What must an executor disclose to each beneficiary on Schedule A by the due date of Form 8971?\",\"answer\":\"If the executor has determined asset distribution, the executor must list and disclose the specific items from the estate tax return each beneficiary will receive. If not determined, the executor reports an itemized list of all property that could be used to satisfy the beneficiary’s allocation.\"},{\"question\":\"What does probate refer to under the probate basics section?\",\"answer\":\"Probate is the court proceeding required to transfer a deceased person’s assets to the person or entity entitled to receive them, and Nevada’s requirements vary based on the probate estate’s value.\"}]","NEWSLETTER - SUMMER 2016 - HIGHLIGHTS | PDF",1789792529]