Carryover Basis Under the 1976 Tax Reform Act PDF Download
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Author: Thomas J. McGrath
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 392
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Author: Thomas J. McGrath
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 392
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Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management Generally
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 216
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Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 352
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Author: United States. Congress. Joint Committee on Taxation
Publisher:
ISBN:
Category : Decedents' estates
Languages : en
Pages : 40
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Author: Mark Cochran
Publisher:
ISBN:
Category :
Languages : en
Pages :
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By reinstituting a carryover basis, Congress can increase revenues by billions. The carryover basis would make tax law more fair by increasing economic efficiency by unlocking capital while maintaining rates, reinstituting a capital gains preference, or adding new taxes. Section 1023 would have provided a carryover a basis for property acquired from decedents but never took effect because the Crude Oil Windfall Profit Tax Act of 1980 repealed section 1023 retroactively and reinstituted the stepped-up basis rule of section 1014. No convincing rationale for the stepped-up death-basis rule has ever been offered; yet, one might reasonably speculate that the real objection was not section 1023's complexity, but its substance -- the repeal of part of the estate planners' stock in trade. Three developments have occurred since the repeal of section 1023 that potentially make stepped-up basis a more vulnerable target for reform. First, the Economic Recovery Tax Act of 1981 [describe what it did using verbs]. Second, the Tax Reform Act of 1986 [describe what it did using verbs]. Third and possibly the consideration that would provide the major impetus for the repeal of stepped-up basis, is the budget deficit [describe how the deficit is affected by the 1981 legislation using verbs].
Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management Generally
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 202
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Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management Generally
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 474
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Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 392
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Author: Gary D. McDowell
Publisher:
ISBN:
Category : Decedents' estates
Languages : en
Pages : 24
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Author: C. La Mar Gemberling
Publisher:
ISBN:
Category :
Languages : en
Pages : 148
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