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This question deals with the valuation of inherited Assets:

My father died in Feb 2002, and his Assets initially were "parked" in his Estate, pending setting up a Trust (in the State of Georgia) that was established in his Will. My mother was the Beneficiary of the Trust, residing in Massachusetts, until her death in November 2010, after which the Trust was closed & distributed 50-50 to me and to my brother. I am a resident of New York.

I have received conflicting input on how to calculate the basis of the Assets that were distributed from the Trust:

a) The date of my father's death

b) The date when the Assets were placed into the Trust

c) The date of my mother's death

d) The date when the Assets were distributed to me.

I should mention that there was no Estate established for my mother, as she had no Assets subject to probate. The provisions of my father's Will governed distribution of the Trust after my mother's death, and there was a "Transfer on Death" for the balance of her Assets.


ANSWER


Expert Bhupinder Sood's Answer:

Bhupinder S Sood CPA

pinder321@gmail.com

Bhupinder Sood, CPA

Tennessee

20 yrs experience

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