Time To Repeal Costly, Inequitable Stepped-Up Basis Tax Rule

Law360 (May 15, 2019, 5:00 PM EDT) -- What if there was a tax rule that was inequitable, unenforceable and lost revenue as well? One might hope that Congress would immediately seek to reform it. But as part of the Tax Cuts and Jobs Act of 2017,[1] rather than act to ameliorate, our nation’s legislative body actually made a bad rule much worse.

One of the tax code’s truly terrible rules has been on the books for nearly a century.[2] Known as the stepped-up basis rule, it declares that a decedent’s heirs may claim a basis in assets they inherit that is equal to the fair market value of...

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