The Internal Revenue Service (IRS) and U.S. Department of Treasury recently issued guidance to curtail what they consider abusive basis shifting by related-party partners and partnerships. That ...

The Biden administration is ramping up new audit teams and regulations to collect some $50 billion in taxes over the next decade from business partnerships such as hedge funds, real estate investors ...

Heirs can generally benefit from a step-up in basis of inherited assets to their fair market value (FMV) as of the date of the decedent’s death. A recent program manager technical advice (PMTA) makes ...

For stock to qualify for the exclusion of taxable gain under Internal Revenue Code Section 1202, the issuing corporation must satisfy the Gross Assets Test, which generally requires that the ...

Understanding how the basis step-up rule operates is important for navigating the complexities of estate planning and taxation, as it can significantly impact the financial outcomes of inheritances.

To determine if the sale of an inherited property is subject to taxes, establishing your basis in the property is crucial. Generally, the basis is the fair market value (FMV) of the property on the ...

Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...

The 1099-B has blank in the cost basis (1e), "Check if basis reported to IRS" (3) is not checked, and "Check if noncovered security" (5) is checked. If the stock was a bonus from work would the cost ...