ridecamp@endurance.net: [Fwd] Re: TRA 97 - Estate Capital Gains -Reply

[Fwd] Re: TRA 97 - Estate Capital Gains -Reply

Pam H. Schneider (Pam_Schneider@DBR.COM)
Wed, 13 Aug 1997 07:59:15 -0700 (PDT)

I had the same concern and passed it along to the Treasury as a
possible technical correction (via voice mail so I got no reaction).
However, I don't think it would be short term--but rather midterm because
it would be deemed held for 1 year and then in 6 months you'd get the
"longer" term gain result.

Pam H. Schneider

>>> Joseph G. Hodges Jr. <jghodges@usa.net> 08/12/97 05:11pm >>>
Anyone over here on the ACTEC-GEN list have a reaction or any
thoughts to
the below?

Joe Hodges

>From: "Douglass III., W. Birch" <wbdougla@mwbb.com>
>To: "'Bourdeau, Paul'" <pbourd@cl-law.com>,
> "'Atlass, Ted'" <tatlass@atlass.com>,
> "Harris, T. Randolph" <trharris@sprynet.com>
>Cc: "'Hodges, Joe'" <jghodges@usa.net>
>Subject: TRA 97
>Date: Tue, 12 Aug 1997 12:10:00 -0400
>
>Concerning the change in the long-term capital gains holding period to
>18 months, I can't find any corresponding change in the Act to IRC
>section 1223(11), so it looks like the sale of an asset by an estate or
>beneficiary within 18 months of a decedent's death will produce a
>short-term gain. Any reaction? If I am right, then this looks like
>something for Technical Corrections.
>
>I am sending a copy to Joe Hodges in the event he wants to post this
and
>any reply from one of you on the ACTEC listserve.

ACTEC Fellow Ted Atlass has already responded as follows:

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