alternate valuation date

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• alternate valuation date — Property passing from a person by death may be valued for estate tax purposes as of the date of death or the alternate valuation date. The alternate valuation date is six months from the date of death or the date the property is disposed of by… …   Black's law dictionary

• alternate valuation date — Property passing from a person by death may be valued for estate tax purposes as of the date of death or the alternate valuation date. The alternate valuation date is six months from the date of death or the date the property is disposed of by… …   Black's law dictionary

• alternate valuation method — The valuation of the gross estate of a decedent for estate tax purposes as of a date other than that of his death, usually one year after the date of his death. IRC § 2032(c) …   Ballentine's law dictionary

• basis — ba·sis / bā səs/ n pl ba·ses / ˌsēz/ 1: something (as a principle or reason) on which something else is established the court could not imagine any conceivable basis for the statute see also rational basis 2: a basic principle o …   Law dictionary

• basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

• basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

• step-up in basis — An increase in the income tax basis of property. The classic step up in basis occurs when a decedent dies owning appreciated property. The property is valued on the date of death or the alternate valuation date. The estate tax is based on the… …   Black's law dictionary

• estate tax — A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent s estate and not on the heir receiving the property. A tax levied on right to transmit property, while inheritance tax is levied on right to… …   Black's law dictionary

• estate tax — A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent s estate and not on the heir receiving the property. A tax levied on right to transmit property, while inheritance tax is levied on right to… …   Black's law dictionary

• Stepped-up basis — basis is the term used to describe the basis of property that a taxpayer receives from a decedent under the Internal Revenue Code § 1014(a). General rule Under IRC § 1014(a) the general rule applied to property a beneficiary receives from a… …   Wikipedia

• Inheritance tax — An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.[1] In international tax law, there is a distinction between an… …   Wikipedia