Individual And Family Wealth Planning
Grant Thornton LLP
December 28, 2007
In general, Sec. 1015 provides that the adjusted basis of property that is included in a decedent’s gross estate for estate tax purposes is the fair market value (“FMV”) of such property at the decedent’s date of death. Thus, regardless of the adjusted basis a decedent may have had in property prior to his or her death, Sec. 1015 allows the heir of such property to use its FMV at the decedent’s date of death to measure the gain or loss the heir must recognize on the subsequent sale of such property. In Janis v. Commissioner, Docket No. 04-4443-ag (2d Cir., Nov. 15, 2006), the Second Circuit considers what is “FMV” for purposes of Sec. 1015.
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