Client was asking me a question regarding his situation. He owns a tree farm which the trees are getting to a point where he can harvest them. If he passes away, the daughter will inherit the property. If she then harvests the trees, would she get the stepped up basis on the trees? Not sure about this.
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Last edited by zeros; 10-18-2009, 04:30 PM. -
Depends
In theory yes, there will be a step up except if he dies in 2010 then the amount on ecan leave with a step up in basis are capped. -
Seems that when/if he dies, the estate executor would want to hire a cruiser to come
up with trees' value.ChEAr$,
Harlan Lunsford, EA n LAComment
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