Estate Tax versus Gift Tax

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Estate Tax versus Gift Tax
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Stuart A. Bronstein
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Posted: Wed Nov 09, 2005 9:00 am Post subject: Re: Estate Tax versus Gift Tax

Quote:

Looks like section 1014(b) (and in this case subparagraph 9)
says that property required to be included in the taxable
estate gets the stepped up basis even if it otherwise
wouldn't be entitled to.

Well....I have a need to know this info ... I recently sold
some of the so called gifted stocks to pay a tax bill.... I
was looking for section 1014(b) at the IRS site. I didn't
find much. I thought it would be nice to attach something
definitive from the IRS to my cost basis figures. Do you
know where I could find some official statement? All that I
have found in the past is gifted moneys get the original
cost basis.

Here's the statute:
http://snipurl.com/jlij

Oh, and please watch your attributions. You got who said
what wrong in your post.

Stu

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nanasue
Guest

Posted: Thu Nov 10, 2005 12:16 am Post subject: Re: Estate Tax versus Gift Tax

Here's the statute:

Quote:

http://snipurl.com/jlij

Oh, and please watch your attributions. You got who said
what wrong in your post.

Thanks much for your thoughtful response. I'll include the
page that you pointed to in my cost basis records.

I'm very sorry for the miss attributions. I'll try to do it
correctly. And I'll shout it now -- It was Stuart A.
Bronstein who gave the information on cost basis for gifts
made and then included in deceased estate getting the steped
up basis.

Thanks again

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >>

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