Quote:
Originally Posted by Casey2296
"Is there like a retroactive appraisal assessment for when the person received the album 10 years ago? Then, you subtract that 10-year-old value from the 1 million, and that's what you pay the gains on?"
I believe this is correct, although I'm not a trust/estate attorney I did stay at a Holiday in Express last night...
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Right, the question is the step up basis at time of transfer, and where there is no contemporaneous appraisal or documentation, one would need to do a good faith estimate based on whatever information is reasonably available.