Final regs add carryover basis rules for property inherited from 2010 decedents

IRS has issued final regs that incorporate the modified carryover basis rules under now-repealed Code Sec. 1022 into a number of existing regs that involve the basis of property acquired from a decedent. IRS noted that, while former Code Sec. 1022 was applicable only to decedents dying in 2010, basis determined under former Code Sec. 1022 will continue to be relevant until all property, the basis of which is determined under that section, has been sold or otherwise disposed of. … Read More