Steinbrenner to Estate Tax: Who's Boss?

5 Pages Posted: 26 Oct 2010

Date Written: October 25, 2010

Abstract

George Steinbrenner was a lucky man. The longtime owner of the New York Yankees died on July 13, 2010, during the current one-year hiatus in the federal estate tax. The man whose management style earned him the nickname ‘‘The Boss’’ may have pulled off the greatest play in baseball history. This article describes the tax problems that may face Steinbrenner's estate. His will created a marital trust for his wife, and granted an unusual discretionary taxpaying power to his lawyer. Assuming that the estate tax is not imposed retroactively on decedents dying in 2010, repeal means that Steinbrenner’s estate escapes taxation. The assets in his estate will not receive the benefit of the stepped-up basis under section 1041(f), however.

Keywords: Tax, Estate, Estate Tax, Steinbrenner, Baseball, Yankees, Marital Trust, Trust, Spouse, 1041, Boss, Repeal, Constitutionality

JEL Classification: K34, K39

Suggested Citation

Crawford, Bridget J., Steinbrenner to Estate Tax: Who's Boss? (October 25, 2010). Tax Notes, Vol. 129, No. 4, p. 477, 2010. Available at SSRN: https://ssrn.com/abstract=1695738

Bridget J. Crawford (Contact Author)

Pace University School of Law ( email )

78 North Broadway
White Plains, NY 10603
United States

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