Thursday, February 18, 2010
Wealth & Personal Finance in The New York Times
This special section in the Times includes an article on why disclaimers are a timely topic. (Timeless tip: "It is unrealistic to expect a spouse to disclaim to your children from a previous marriage ….") Also discussed, carryover basis: "It is possible (though not entirely clear) that carry-over basis applies only to assets sold in 2010…."
Posts
1 comment:
There's no doubt in my mind that carryover basis only applies to assets inherited and sold in 2010. After 2010, basis goes back to what it would have been but for the legislation, there's no other way to read the language.
However, there's also no doubt that this is not what Congress intended. Once again, sloppy drafting.
Unless we get a retroactive repeal of carryover basis, we will need ten years of court cases to resolve the question.
Post a Comment