Daniel J. Hemel: How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record (January 17, 2022)

Daniel J. Hemel, of University of Chicago – Law School, has made available for download her article, “How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record”. The abstract is as follows:

This document, prepared as a response to a Question for the Record from House Ways & Means Subcommittee on Oversight Chair Bill Pascrell, explains how previous actions by Treasury and the IRS have facilitated strategies that allow high-net-worth individuals and families to exploit stepped-up basis while also avoiding federal estate and gift taxes on intergenerational transfers of wealth. It also identifies specific steps that Treasury and the IRS can take on their own — without any additional legislative action by Congress — that would prevent high-net-worth taxpayers from continuing to exploit these strategies.

To see the full article, click: “How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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