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Non-Tech : Estate Planning
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To: Taxboy who wrote (30)4/7/1998 3:49:00 PM
From: MJ  Read Replies (1) of 36
 
Taxboy

Not as response to current question. But a new question.

Spouse died in 1997, value of spouses estate is slightly less than $600,000.

IRS has said no requirement to file and state says the same.

Is there a reason that a return should be filed anyway?

Second, question-----a company called for a tender on stock two days before spouse's death----funds were delivered about two months later. Which is the date of sales---tender date or delivery of funds?

Also, since the basis of inherited stock is stepped up to date of death------how do you reflect on the Schedule D that the tendered stock is longterm and not short term.

For example, should I use the purchase date of 5 years ago or the date of death as the purchase date. If the date of death is used it looks like a short term gain.

Thanks for your opinion.

MJ
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