Tax Facts

886 / How are basis adjustments treated for GST tax purposes?

Where the basis of property subject to the GST tax is increased (or decreased) to fair market value because property transferred in a taxable termination occurs at the same time and as a result of the death of an individual, any increase (or decrease) in basis is limited by multiplying such increase (or decrease) by the inclusion ratio used in allocating the GST exemption.1

1. IRC § 2654(a)(2).

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