2022 Standard Federal Tax Reporter (CCH) Joint Committee Summary of P.L. 111-312 (Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Joint Committee Summary of P.L. 111-312 (Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010)

  .98 Property acquired from decedent after 2009. -

  Gain or loss, if any, on the disposition of property is measured by the taxpayer's amount realized (i.e., gross proceeds received) on the disposition, less the taxpayer's basis in such property.  1  Basis generally represents a taxpayer's investment in property, with certain adjustments required after acquisition. For example, basis is increased by the cost of capital improvements made to the property and decreased by depreciation deductions taken with respect to the property.

  Property received from a donor of a lifetime gift generally takes a carryover basis.  2   "Carryover basis"  means that the basis in the hands of the donee is the same as it was in the hands of the donor. The basis of property transferred by lifetime gift also is ...