Business, Management and Accounting
5 years ago

Massive Capital Gains Unleashed as Estate Tax Expires in 2010

SSRN Electronic Journal
Revenue and Incentive Effects of Basis Step-Up at Death: Lessons from the 2010
Robert N. Gordon, David Joulfaian, James M. Poterba

Paper Summary

The 2010 U.S. estate tax expiration led to beneficiaries receiving assets with carryover basis instead of stepped-up basis. This resulted in unrealized capital gains making up a significant portion of non-cash assets in estates. Many of these gains were on assets held for over two decades.

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