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#1
05-16-2005, 05:26 AM
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 Re: step up basis, goodwill, sole proprietorship, suriviving spouse bm30003700[at]aol.com wrote: - quote - > a few years ago there was a court case that determined that
The "goodwill value" is an intangible. The rule sounds> a person inheriting a sole propertorship from their decedent > spouse in a community property state only received a step up > of one half of the goodwill value in the business, even > though the remaining assets were received with step up of > full value. pretty reasonable, but you should have an accountant handle that. If the 'goodwill' was just a small part of the total valuation, that would be very different than if the goodwill were half the total valuation. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-15-2005, 11:09 PM
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| Re: step up basis, goodwill, sole proprietorship, suriviving spouse "bm30003700[at]aol.com" <bm30003700[at]aol.com> wrote: - quote - > a few years ago there was a court case that determined that
I don't remember seeing any case like that. Doesn't make> a person inheriting a sole propertorship from their decedent > spouse in a community property state only received a step up > of one half of the goodwill value in the business, even > though the remaining assets were received with step up of > full value. > has this changed? sense to me. If the business was community property and half included in the decedent's estate for estate tax purposes, it should receive a stepped up basis on the whole thing under section 1014(b)(6). On the other hand, if it was separate property of the deceased spouse, the entire value should receive a stepped up basis under section 1014(a). Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
05-13-2005, 06:37 AM
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| step up basis, goodwill, sole proprietorship, suriviving spouse a few years ago there was a court case that determined that a person inheriting a sole propertorship from their decedent spouse in a community property state only received a step up of one half of the goodwill value in the business, even though the remaining assets were received with step up of full value. has this changed? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, goodwill, proprietorship, sole, spouse, step, suriviving |
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