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Posted by tomchand on January 2, 2008, 4:18 pm
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Client's dad buys a nice piece of land in 1935 for about $7,500.
Subsequently gets married. Dad puts mom's name on the deed in 1992.
Mom dies in 1996, leaving everything to dad.
Dad gifts entire interest of property to taxpayer in 1998. Taxpayer
sells property in 2007.
Step up in basis for half the property attributable to mom at 1996?
What problems, pitfalls?
Thanks, Tom
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