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Information for Beneficiaries Receiving Schedule A (Form 8971) -- 17 - APR -2017

Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, and its Schedule A, are used to comply with the reporting requirements regarding consistency of basis for assets acquired from an estate. In certain circumstances, an executor of an estate (or other person) required to file an estate tax return after July 31, 2015, will be required to provide a Schedule A (Form 8971) to a beneficiary who receives or is to receive property from an estate. For more information about when Form 8971 and Schedule A must be completed, see the Instructions for Form 8971 and Schedule A.

The beneficiary uses the final estate tax value of the property reported on the Schedule A to determine his or her basis in the property. When calculating a basis consistent with the final estate tax value, start with the reported value and then make any allowed adjustments.