When Does a Pre-death Sale Not Produce Income in Respect of Decedent?

Thumbnail Image
Date
2010-02-05
Authors
Harl, Neil
Major Professor
Advisor
Committee Member
Journal Title
Journal ISSN
Volume Title
Publisher
Authors
Research Projects
Organizational Units
Journal Issue
Is Version Of
Versions
Series
Department
Iowa State University Digital Repository
Abstract

The concept of a new basis at death1 has been enormously advantageous to the agricultural sector and to the country generally in avoiding the “lock-in” effect that would occur if heirs were confronted with large income tax liability on the sale or other taxable disposition of inherited property. As is widely known, the loss of a new basis at death became reality after December 31, 2009, with a carryover basis implemented (although further Congressional action in 2010 is anticipated which would likely restore the rule of a new income tax basis at death).2 However, the concept of “income-in-respect of decedent” has denied a new basis to that category of property in the past and is almost certain to continue to do so in the future.3

Comments
Description
Keywords
Citation
DOI
Source
Copyright
Collections