Wills, Trusts & Estates Prof Blog

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

Saturday, April 9, 2022

Article: How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record

Daniel J. Hemel recently published an article entitled, How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record, Wills, Trusts, & Estates Law ejournal (2022). Estate planning

Provided below is the abstract to the Article: 

This document, prepared as a response to a Question for the Record from House Ways & Means Subcommittee on Oversight Chair Bill Pascrell, explains how previous actions by Treasury and the IRS have facilitated strategies that allow high-net-worth individuals and families to exploit stepped-up basis while also avoiding federal estate and gift taxes on intergenerational transfers of wealth. It also identifies specific steps that Treasury and the IRS can take on their own -- without any additional legislative action by Congress -- that would prevent high-net-worth taxpayers from continuing to exploit these strategies.

https://lawprofessors.typepad.com/trusts_estates_prof/2022/04/article-how-treasury-and-the-irs-have-allowed-high-net-worth-taxpayers-to-exploit-stepped-up-basis-o.html

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