Death and the Tax Benefit Rule
9 Pages Posted: 13 Nov 2017 Last revised: 18 Jan 2018
Date Written: May 28, 2017
The Viewpoint argues that the Tax Court in Estate of Backemeyer erroneously allowed a double deduction for farm supplies instead of applying the tax benefit rule. The Viewpoint also proposes an alternative remedy to treat expensed items as having no basis because they are not capital to which the basis step-up of section 1013 applies.
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