Conrad Teitel to Senator Max Baucus and Senator Chuck Grassley: Attempt to Retroactively Repeal the Modified Carryover Basis Rules for 2010

A letter from Conrad Teitel, an attorney with Cummings & Lockwood LLC, urges Senator Max Baucus and Senator Chuck Grassley to work with Congress to repeal the modified carryover basis rules in place for 2010 retroactively to January 1, 2010.  The letter expresses concern that many people will have to pay capital gains tax on their inheritances, in particular if the estate tax is reinstated and sales of assets are necessary to help pay it.  It also expresses concern that attorneys have not set up wills that are equipped to handle this new law.  Finally, it expresses concern that the law is unclear as to "procedure to be followed if assets pass under a living trust, intestacy, or for a surviving joint owner."

See also Attorney Urges Repeal of Estate Tax Carryover Basis Rules, 2010 TNT 30-28, February 16, 2010.


Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.