Carryover Basis Provisions of the Tax Reform Act of 1977

Willis, Steven J.

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Carryover Basis Provisions of the Tax Reform Act of 1977

Tax Lawyer, Vol. 31, No. 1, p. 191, 1977

37 Pages Posted: 11 Jul 2010

See all articles by Steven J. Willis

Steven J. Willis

University of Florida Levin College of Law

Date Written: 1977

Abstract

In 1997, Congress repealed the I.R.C. section 1014 Stepped-up basis provisions for property received from a decedent. It replaced the provisions with Section 1023, which provided for the decedent's basis to carry-over to the recipients. Although many commentators found the provisions unduly complicated, the authors herein explain the steps in an understandable manner.

Keywords: Basis, tax law

Suggested Citation: Suggested Citation

Willis, Steven J., Carryover Basis Provisions of the Tax Reform Act of 1977 (1977). Tax Lawyer, Vol. 31, No. 1, p. 191, 1977, Available at SSRN: https://ssrn.com/abstract=1638459