The "Safe Harbor" For Those Making The Section 1022 Basis Election For Deaths In 2010

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dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T05:33:11.000
dc.date.accessioned 2020-06-29T22:56:37Z
dc.date.available 2020-06-29T22:56:37Z
dc.date.embargo 2017-11-29
dc.date.issued 2011-09-02
dc.description.abstract <p>The Internal Revenue Service, on August 7, 2011, issued <em>Notice 2011-66</em><strong>1 </strong>and <em>Revenue Procedure 2011-41</em>,<strong>2 </strong>both effective August 29, 2011, providing guidance in handling the<em> </em>income tax basis for property owned (and passing from) decedents dying in 2010.<strong>3 </strong>The<em> </em>executor of the estate can choose (for property acquired from or passing from and owned<em> </em>by the decedent) to – (1) apply the estate tax rate and applicable credit amount for 2011<em> </em>with a new basis at death (stepped up or down, as the case may be) or (2) elect to apply the<em> </em>rules applicable to deaths in 2010 (no federal estate tax) and use the modified carryover<em> </em>basis rules applicable to deaths in 2010.<strong>4 </strong>With the latter alternative, the procedure is<em> </em>handled substantially as a gift of property is handled inasmuch as both procedures involve<em> </em>application of carryover basis rules.<strong>5</strong><em> </em>This article discusses the “safe harbor” for those making the Section 1022 basis election<em> </em>for deaths in 2010.<em></em></p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol22/iss17/1/
dc.identifier.articleid 2094
dc.identifier.contextkey 11173366
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol22/iss17/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3574
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol22/iss17/1/AgLawDigest_v22n17_01.pdf|||Fri Jan 14 17:50:49 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 The "Safe Harbor" For Those Making The Section 1022 Basis Election For Deaths In 2010
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication d28184fb-e686-42ea-8220-2e90dd3dbd2d
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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