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 Under the EGTRRA, IRC § 1014 will be repealed.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:
“Not like the brazen giant of Greek fame,
With conquering limbs astride from land to land,
Here at our sea-washed, sunset gates shall stand
A mighty woman with a torch, whose flame
Is the imprisoned lightning, and her name
Mother of Exiles. From her beacon-hand
Glows world-wide welcome; her mild eyes command
The air-bridged harbor that twin cities frame.”
—Emma Lazarus (1849–1887)
“Why should the generations overlap one another at all? Why cannot we be buried as eggs in neat little cells with ten or twenty thousand pounds each wrapped round us in Bank of England notes, and wake up, as the Sphinx wasp does, to find that its papa and mamma have not only left ample provision at its elbow but have been eaten by sparrows some weeks before we began to live consciously on our own accounts?”
—Samuel Butler (1835–1902)