TaxGuyBill
Level 15
06-04-2020
04:13 PM
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@rbynaker wrote:.But I have trouble feeling too bad here, she made over $1M.
I point out to the clients the opposite ... it is a GOOD thing that she made over $1M. Yes, there will be a lot of tax, but that is a HUGE amount of profit.
@KMACK Was she ever married? If so, does a step-up in Basis apply for her spouse's ownership when he died?