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1014 / 2024 EC78/Doc.6(1) : 10 / 2024 3 6 :
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26 U.S. Code § 1014 addresses the basis of property acquired from a decedent, specifying that the basis is generally the fair market value at the date of the decedent's death.
Typically, the executor or administrator of the decedent's estate is responsible for addressing any tax filings related to 26 U.S. Code § 1014.
To fill out the necessary forms related to 26 U.S. Code § 1014, one must include information about the decedent, the properties transferred, and their fair market values at the date of death, usually using IRS Form 706 for estate tax.
The purpose of 26 U.S. Code § 1014 is to provide a step-up in basis for heirs who inherit property, allowing them to avoid capital gains tax on appreciation that occurred during the decedent's lifetime.
The information that must be reported includes the decedent's name and details, the property inherited, and its fair market value at the date of death.
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