Papers by Robert Hightower
Florida State University Law Review, 1977
Florida State University Law Review, 1977
6. A somewhat similar result obtained if Alex had made a gift of the property prior to his death.... more 6. A somewhat similar result obtained if Alex had made a gift of the property prior to his death. Under the pre-1977 rule, upon the gift the donee would take the donor's carryover basis (here $100), increased by the amount of any gift taxes paid on the transfer, but the sum could not exceed the fair market value of the property at the date of the gift. I.R.C. § 1015(a), (d). In this case, the donee's basis would be $100, plus gift taxes paid; if the donee immediately sold the property for $200 he would report the difference as gain. It should be noted that the basis rule for gifts made after December 31, 1976, has also undergone change. For these gifts the new basis rules limit the amount of the adjustment made for gift taxes paid to the gift taxes allocable to the appreciation in the property. 1976 Act § 1015(d)(6); ESTATE AND GIFT TAX REPORT, supra note 4, at 44. 7. There also has been commentary to the effect that one of the purposes of the change was to eliminate the incentive for holding property until death which arguably created an undesirable economic "lock-in" of capital assets which had appreciated substantially since acquisition. ESTATE AND GIFT TAX REPORT, supra note 4, at 36-37; Covey,
Fla. St. UL Rev., 1975
OFFICE OF THE GOVERNOR AND DEP'T OF COMMUNITY AFFAIRS, HOUSING IN FLORIDA 151 [hereinafter c... more OFFICE OF THE GOVERNOR AND DEP'T OF COMMUNITY AFFAIRS, HOUSING IN FLORIDA 151 [hereinafter cited as HOUSING IN FLORIDA]. See also CONSTRUCTION REVIEW 7-9; TASK FORCE REPORT 1-5. Perhaps the single most important reason for ...
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Papers by Robert Hightower