Reporting The Step-up In Basis For Inherited Property
My client and his father owned a commercial warehouse property 60/40% respectively. I know it is a step-up in basis, but how is the 40% calculated?
Executor’s Exposure To Decedent Spouse’s Tax Liability
My client’s spouse passed away last year with a significant tax liability due to IRA withdrawals. I’m concerned about my client’s personal liability due to being executor and personal representative of the estate. We submitted a request for relief under Revenue Proclamation 2013-34 and plan to file form 56 & Form 5495. Should we do anything else to protect our client from the decedent spouse’s tax liability?