Taxation - Estate of Peterson v. Commissioner: Income in Respect of a Decedent as Applied to a Livestock Sales Contract
Loading...
Authors
Maher, Terrence P.
Issue Date
1983
Volume
16
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|A difficult tax question arises when income is received by a decedent's successor in interest as a result of a sales transaction executed during the decedent's lifetime, which was not completed until some point after death. This question revolves around whether these sales proceeds constitute "income in respect of a decedent" within the terms of section 691 of the Internal Revenue Code (Code). If so, the successor in interest would be required to include the proceeds in gross income. If not, the property which was subject to the sale, as an asset of the decedent's gross estate, would be entitled to a step-up in basis equal to its fair market value on the date of the decedent's death. Any taxable gain on the . I.R.C. Section 691(a) (1) (1954). That section provides that a successor in interest could be the decedent's estate, any person who acquired the right to receive an amount passing outside of his estate, or any person acquiring a right by bequest, devise, or inheritance after a distribution of the estate...
Description
Citation
16 Creighton L. Rev. 1153 (1982-1983)
Publisher
Creighton University School of Law