Massachusetts Society of Certified Public Accountants

It is now two to three years after the date of death and the estate tax closing letters have been issued following an audit/examination. Assume 100 shares with a fair market value of $4,000,000 on date of death ($40,000 per share). The basis of the assets to the estate trust is $4,000,000 based upon the fair market value upon death. IRC § 1014. ................
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