Income in Respect of Decedent

Date
1990-05-25
Authors
Harl, Neil
Journal Title
Journal ISSN
Volume Title
Publisher
Altmetrics
Authors
Harl, Neil
Person
Research Projects
Organizational Units
Journal Issue
Series
Abstract

In general, property held until death receives a new income tax basis equal to fair market value at death, the value of property as of the alternate valuation date or special use value in the case of land where that election is made. This is particularly advantageous in farm estates because raised animals and grain with a zero income tax basis receive a higher basis and consequent elimination of gain and the basis of machinery and equipment and farmland often is adjusted upward at death. However, for some assets the basis adjustment rule has a negative effect as a potential loss prior to death is eliminated as basis is adjusted downward as a result of death.

Description
Keywords
Citation
DOI
Source
Collections