Guidance On Handling Basis Allocation For Deaths In 2010

dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T05:32:55.000
dc.date.accessioned 2020-06-29T22:56:36Z
dc.date.available 2020-06-29T22:56:36Z
dc.date.embargo 2017-11-29
dc.date.issued 2011-08-19
dc.description.abstract <p>On August 7, 2011, the Internal Revenue Service 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 on handling the<em> </em>determination of income tax basis for property owned (and passing from) decedents dying<em> </em>in 2010.<strong>3 </strong>The Tax Relief Act of 2010<strong>4 </strong>authorized an election for deaths in 2010 relative<em> </em>to income tax basis determination.<strong>5 </strong>The executor of the estate can choose (for property<em> </em>acquired from or passing from and owned by a decedent) to – (1) apply the estate tax rate<em> </em>and applicable credit amount for 2011 with a new basis at death (stepped up or down as the<em> </em>case may be), or (2) elect to apply the rules applicable to deaths in 2010 (no federal estate<em> </em>tax) and use the modified carryover basis rules applicable to deaths in 2010.<strong>6 </strong>These two<em> </em>authorities address the election option and provide additional and more detailed guidance<em> </em>beyond what was provided in the statute.<em></em></p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol22/iss16/1/
dc.identifier.articleid 2092
dc.identifier.contextkey 11173299
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol22/iss16/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3572
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol22/iss16/1/AgLawDigest_v22n16_01.pdf|||Fri Jan 14 17:50:48 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 Guidance On Handling Basis Allocation For Deaths In 2010
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication 4b5d5d1f-ec52-4b0f-8725-83b6c5f50017
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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