Uniform Basis: Who Can Claim Depreciation After Death and How Much?

dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T06:36:57.000
dc.date.accessioned 2020-06-29T22:57:43Z
dc.date.available 2020-06-29T22:57:43Z
dc.date.embargo 2017-12-19
dc.date.issued 2014-12-12
dc.description.abstract <p>Leaving property at death to the surviving spouse for life (a legal life estate or a life estate in trust) with a remainder interest to a child or children has been a fairly common strategy and continues to be used even with the larger applicable exclusion amount1 and “portability” (which allows the surviving spouse to use the unused applicable exclusion amount at the death of the first spouse to die if the requirements are met).2 One important issue is how is the income tax basis handled under the “uniform basis” rules? What happens if the holder of the life estate dies first in terms of the effect on income tax basis? And what happens if the holder of the remainder interest dies first? Moreover, what if the estate of the decedent whose death gave rise to the new basis at that individual’s death3 claims depreciation before the estate passes the property to the life estate holder and the holder of the remainder interest?</p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol25/iss24/1/
dc.identifier.articleid 2255
dc.identifier.contextkey 11275567
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol25/iss24/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3737
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol25/iss24/1/AgLawDigest_v25n24_01.pdf|||Fri Jan 14 17:51:12 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Uniform Basis: Who Can Claim Depreciation After Death and How Much?
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication be434f84-aa51-4bc0-9ce1-2826e9c7a7d3
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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