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Pastimes : THE SLIGHTLY MODERATED BOXING RING
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To: Lazarus_Long who wrote (14273)6/6/2002 12:56:50 PM
From: jttmab  Read Replies (1) of 21057
 
Suppose I accumulated $1B 10 years before my death. And then I had no further transactions. Not even bank interest- -I kept the currency in a guarded vault in the basement.

Suppose you initiated your closing transaction before you died but it wasn't completed until after you died and accumulated $100B. Would you be liable for the taxes as capital or short term gains because you initiated the closing transaction before you died or would it kick over to estate taxes because it wasn't completed until after you died. And if your dead, why would you care?

I know that was too subtle, but you don't establish tax code based on one individual fabricated case. You look at the general issue and set tax code based on that.

jttmab
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