Following the death of the owner, stepped-up basis allows for forestland and timber to be valued at current market value, with that value being the new owner’s basis in them. The new owner will calculate any future capital gain using that stepped-up basis. Plus, no capital gains tax is due on the unrealized capital gain that would have resulted from the transfer. For example, if the original owner paid $500,000 for forestland in the past, and at the time of his or her death its value was $2,000,000, then the unrealized capital gain would have been $1,500,000, with the estate owing 20 percent of that, or $300,000 in taxes.
Key Takeaways
The so-called American Families Plan would significantly grow federal bureaucrats’ control of some of the most personal aspects of family life.
Proposed changes would make existing problems in the welfare state worse by undermining work and marriage.
The president suggests that his plan is intended to help American families. In reality, it will undermine them.
Strong families and hard work have formed the foundation for healthy development, meaningful relationships, and economic well-being ever since America’s inception. Now, President Joe Biden has a new vision: one in which progressive politicians and government bureaucrats sit at the helm of American families, financed through $1.8 trillion in new taxpayer spending.
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Looking at this year’s list of Oscar nominees, I was drawn to the name of a live short nominee, “A Concerto is a Conversation,” because it was about the premiere of Kris Bowers’ violin concerto. Intrigued, I decided to watch the movie. Although this short didn’t win the Oscar, it’s still not to be missed.
From the title, I expected the film to be about Bowers, who, at 29, wrote the score for
The Green Book. The LA Philharmonic’s premiere of Bower’s violin concerto “For A Younger Self” is the catalyst for the movie. But the movie is set up like a conversation between Kris Bowers and his 91-year-old grandfather, Horace Bowers, Sr., whom Kris Bowers says was “instrumental” in his success.
stepped-up basis means that you make a capital gain, you buy a stock, and it s worth 100,000. you make 150,000 or 1 million. guess what? you pay capital gains task on that. the tax is much lower than your normal text. that means that government in fact collected 17 billion less dollars in taxes because of that particular exemption in the code. you eliminate that one, you would raise 17000000000 out o 17000000000 out of $1,600,000,00 0,000. it would hurt nobody. now, what is it? it means if you have a capital gain, and i hope you do, god forbid, you get struck by lightning, you die. it gets left to your son or daughter. they pay nothing. it is not an inheritance task. eliminate that one, you could