Richard L. Kaplan, of the University of Illinois College of Law, has made available for download his article, “When the Stepped-Up Basis of Inherited Property Is No More”, published in the ACTEC Law Journal, Vol. 47, No. 1 (Fall 2021) and the University of Illinois College of Law Legal Studies Research Paper, No. 22-10. The abstract ks as follows:
Written for a symposium on how Trusts & Estates might change in the future, this article considers the implications of repealing the “step-up in basis” rule for inherited property, as President Biden proposed. The article begins by explaining how this century-old tax rule affects gratuitous transfers and then reviews previous repeal efforts before it examines the impact of such repeal on family tax planning, retirement account funding, and charitable donations.
To see the full article, click: “When the Stepped-Up Basis of Inherited Property Is No More”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.