Sunset Provision
IRC § 1014(f) states that this section shall not apply to decedents who die after December 31, 2009. This sunset provision is a result of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Under the EGTRRA, IRC § 1014 will be repealed. EGTRRA replaces § 1014 with a modified carryover basis rule, under which the property will receive a basis equal to the lesser of the adjusted basis of the property in the hands of the decedent, or the fair market value of the property on the date of the decedent's death.
The repeal of § 1014, along with the repeal of the estate tax, are scheduled to be in effect only during 2010.
Read more about this topic: Stepped-up Basis
Famous quotes containing the words sunset and/or provision:
“The freedom of indifference, the indifference of freedom, the will dust in the dust of its object, the act a handful of sand let fall—these were some of the shapes he had sighted, sunset landfall after many days.”
—Samuel Beckett (1906–1989)
“When ... I comprehended that poetry had no provision in it for ultimate practical attainment of the rightness of work that is truth, but led on ever only to a temporizing less- than-truth ... I stopped.”
—Laura (Riding)