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Revenue and Incentive Effects of Basis Step-Up at Death: Lessons from the 2010 "Voluntary" Estate Tax Regime / Robert Gordon, David Joulfaian, James Poterba.
- Format:
- Book
- Author/Creator:
- Gordon, Robert.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22090.
- NBER working paper series no. w22090
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Revenue and Incentive Effects of Basis Step-Up at Death
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- In 2010, the U.S. estate tax expired and executors of wealthy decedents were not required to file estate tax returns. In the absence of the estate tax, beneficiaries received assets with carryover rather than stepped-up basis. Unrealized capital gains accounted for 44 percent of the fair market value of non-cash assets in estates that chose the carryover basis regime, and an even higher percentage for some asset categories. Many of the largest gains were on assets that had been held for at least two decades.
- Notes:
- Print version record
- March 2016.
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