Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2013

Governor's Budget Recommendation FY 2013

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1.022 -Nontaxation of Capital Gains at Death


Item DescriptionFY2011 FY2012 FY2013
1.022 Nontaxation of Capital Gains at Death
Ordinarily, capital gains are taxed at the time appreciated property is transferred. However, no tax is imposed on a capital gain when appreciated property is transferred at death. The appreciation that accrued during the lifetime of the transferor is never taxed as income. Note: the FY13 estimate reflects the anticipation that capital gains realizations will be higher in tax year 2012 as a result of expiring favorable federal tax rates. FY14 tax loss for this item is likely to be 40% lower than FY13.

Comment: See also item 1.106 below.

Origin:  IRC S. 1001 and 1014
Estimate:  $1217
774.2 774.2 1217

Key:

ORIGIN  
IRCFederal Internal Revenue Code (26 U.S.C.)
U.S.C United States Code
M.G.L. Massachusetts General Laws
Rev. Rul.; C.B. Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES All estimates are in $ millions.


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