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Old 09-11-2023, 06:33 PM
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Peter Spaeth
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Join Date: Apr 2009
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Quote:
Originally Posted by Casey2296 View Post
"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...
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.
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