No step-up in basis for installment notes.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on May 1, 1998. The length of the article is 712 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Court of Federal Claims in Holt held that IRC income in respect of a decedent (IRD) section 691 applied to payments remaining on the decedent's section 453 installment contract. The decedent's spouse was not allowed a subsection 1014(a)(1) stepped-up basis as of the date of death which would have reduced gain realized on the installment sale of condominium units. The spouse's other argument that she was entitled to a subsection 1014(b)(6) basis step-up due to community property was also rejected.

Citation Details
Title: No step-up in basis for installment notes.
Author: Boyd D. Hudson
Publication:The Tax Adviser (Magazine/Journal)
Date: May 1, 1998
Publisher: American Institute of CPA's
Volume: 29 Issue: n5 Page: 299(1)

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