Preserving and Protecting Family Business Legacies: Hearing Before the Subcommittee on Taxation and IRS Oversight of the Committee on Finance, United States Senate, One Hundred Seventh Congress, First Session, March 15, 2001, Volumes 104-140 |
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$10 million 55 percent adjusted basis assets basis at death capital gains tax carry-over basis carryover Chairman Clear Lake Committee CONGRES CONGRESS THE LIBRARY cost current law death tax debt decedent dollars DON NICKLES economic growth effect estate and gift estate planning estate tax rate estate tax repeal estimates fair market value family business family farms family-owned business federal estate tax federal government Federal income tax Finance gift tax Goodner heirs impact increase inheritance investment LIBRARY OF CONGRESS lifetime marital deduction nomic nonrecourse debt operation owner Policy PREPARED STATEMENT President proposals ranch real estate realized reduce result Revenue Act sell Senator Conrad Senator NICKLES small business Steger step-up basis step-up in basis stepped-up basis Sumption tax bill tax revenues tax system taxable estate taxpayer telephone company Thank top rate transfer tax trust U.S. citizen U.S. SENATOR unified credit wealth
Popular passages
Page 88 - ... facts from such donor or last preceding owner, or any other person cognizant thereof. If the Commissioner finds it impossible to obtain such facts, the basis in the hands of such donor or last preceding owner...
Page 88 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 86 - ... 1014 is. in general, to provide a basis for property acquired from a decedent which is equal to the value placed upon such property for purposes of the Federal estate tax. Accordingly, the general rule is that the basis of property acquired from a decedent is the fair market value of such property at the date of the decedent's death, or, if the decedent's executor so elects, at the alternate valuation date prescribed in section 2032, or in section 811(j) of the Internal Revenue Code of 1939.
Page 49 - The National Grocers Association (NGA) is the national trade association representing the retail and wholesale grocers that comprise the independent sector of the food distribution industry. An independent retailer is a privately owned or controlled food retail company operating in a variety of formats.
Page 41 - National Cattlemen's Beef Association (NCBA) is the trade association of America's cattle farmers and ranchers, and the marketing organization for the largest segment of the nation's food and fiber industry.
Page 86 - ... loss resulting from the sale or other disposition of property acquired by gift. Under that exception, the basis of the asset for purposes of computing loss is the lesser of the fair market value of the property on the date of gift or the basis of the property in the hands of the donor. Where the asset is sold at a price greater than the fair market value at the date of gift, but less than the basis of the donor, then neither gain nor loss is recognized on the transaction.
Page 82 - The Lock-in Effect of the Capital Gains Tax," National Tax Journal, vol. 15 (December 1962), pp. 337-52; and Beryl W.
Page 50 - Committee released a report last year on the death tax that found that this tax "raises very little, if any, net revenue for the federal government.
Page 30 - I understand it, to the Senate Finance Committee and the House Ways and Means Committee, but not to the Joint Economic Committee.