Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, April 1, 2010

Black Gold Billionaire Dies in 2010, Benefiting from Federal Estate Tax Repeal

DuncanDan Duncan died last week at the age of 77.  In 1968, Duncan founded a company that stores, processes and transports oil and gas with nothing more than $10,000 and a truck.  According to Forbes, Duncan was worth a modest $9 billion before his death.  

The timing of Duncan's death may very well give the IRS a case of mild indigestion.  Although Duncan was ranked number 74 on the Forbes list of worldwide billionaires, his estate is not subject to any federal estate tax under current law.  

See Russel Gold & Stephen Miller, From Roughneck Origins to Texas Billionaire, WSJ, March 20, 2010.

Special thanks to Peter Parlapiano (2011 MBA/M.S. PFP candidate, Texas Tech University) for bringing this article to my attention.


Current Events, Estate Tax | Permalink

TrackBack URL for this entry:


Listed below are links to weblogs that reference Black Gold Billionaire Dies in 2010, Benefiting from Federal Estate Tax Repeal:


Although the IRS' Estate Tax Division may be having heartburn, the Income Tax Division must be all smiles. For 2010, to make up for the lost estate tax revenue, heirs are only granted a $1.3 million stepped up basis in the inherited assets. Seems like there will be substantial capital gains tax to pay when the heirs sell if Duncan's tax basis is only $10,000 & a truck (I'm sure that much has been added to the basis over the years, but the capital gain will still be huge.)

Posted by: Cheryl Barrett | Apr 1, 2010 10:55:27 AM

Post a comment