•  
  •  
 

Abstract

Assets held until death, other than for assets producing income in respect of decedent,1 generally receive a new income tax basis at death.2 The basis of income in respect of decedent items, by contrast, is not adjusted at death, under the theory that the income is too close to being earned.3 Income in respect of decedent assets carry over the decedent’s basis into the hands of the heirs or other successor to the decedent.4

Share

COinS
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.