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Alternative Gains Tax Treatments Of Decedents' Appreciated Capital Assets, D. Allen Grumbine
Alternative Gains Tax Treatments Of Decedents' Appreciated Capital Assets, D. Allen Grumbine
Vanderbilt Law Review
The present treatment of appreciated assets under section 1014' of the Code permits a great deal of accrued appreciation to escape the income tax. While decedents pay a greater estate tax because asset appreciation swells their estates, they pay no gains tax at death on this accrued appreciation. Moreover, the recipients of the decedent's property generally take a stepped-up basis for the property equal to its fair market value at the time of death. A great deal of criticism has been leveled at this system, and numerous proposals have been made for remedying the situation: imposition of a capital gains …