VMC SURVEY BOARD

[otcbargains]

HOw did you make any kind of point?

The executor of the estate would have to file a form 1041 and pay the taxes. Obviously that comes out of the value of the estate. The end result is the same.

Now as far as how you have determined the cost basis for the second transaction (if i as a beneficiary were to sell the rest of the property down the line) you are way off base.

After the estate pays the taxes and transfers the property to me under death tax rules my cost basis is "$0.00".

If i sell it during my lifetime the govt is going to get a large chunk and it is far more than the 30% I so nicely under-claimed.

I assume you mean that since it falls under the $2 mil range that makes a point for you.

Change the value to 2.5 or whatever.