quick basis question

[justme]

clients mom dies....owns stock...3wks later stock ownership officially is placed in the name of the estate....two months later ownership is transferred from estate to 3 adult children all in equal shares...is the basis to the kids...date of moms death....date of transfer to estate...or date estate transferred to kids......thanks for responses.

[Jiggers]

Stock Basis

clients mom dies....owns stock...3wks later stock ownership officially is placed in the name of the estate....two months later ownership is transferred from estate to 3 adult children all in equal shares...is the basis to the kids...date of moms death....date of transfer to estate...or date estate transferred to kids......thanks for responses.

FMV on date of mom's death.

[erchess]

Hmmmmm

When I took my first tax course ages ago I learned that it was "FMV on the decedents' date of death or alternate valuation date" chosen by whomever settled the estate. Has this changed?

[OldJack]

When I took my first tax course ages ago I learned that it was "FMV on the decedents' date of death or alternate valuation date" chosen by whomever settled the estate. Has this changed?

No change.

[George Boutwell]

Sometimes

When I took my first tax course ages ago I learned that it was "FMV on the decedents' date of death or alternate valuation date" chosen by whomever settled the estate. Has this changed?

The alternate valuation date can be used only if it makes a difference in estate tax.

[New York Enrolled Agent]

The alternate valuation date can be used only if it makes a difference in estate tax.

Actually, §2032(c) requires that BOTH the value of the gross estate and the estate tax must be reduced.