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Posted by Stuart Bronstein on March 3, 2008, 6:05 pm
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> Arthur Kamlet wrote:
>>
>>Because father retained a life estate, friend did not have free
>>and unencumbered use of the house, certianly could not transer
>>full title, and so this was not a completed gift.
>>
>>Leading to a cost basis of FMV on date of death.
Absolutely correct.
> Wouldn't that only apply if the gift was revocable?
Depends on what you mean by revocable. If it was considered by the law
to be a "completed gift" then the donee takes the donor's basis and
there is no stepped up basis on death of the donor. If it's not a
"completed gift" then it's the opposite.
Stu
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