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Volume 1
- Budget Message
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- Local Aid to Cities and Towns
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Volume 2
- Budget Development
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- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Appendix A
- Glossary
1.022 -Nontaxation of Capital Gains at Death
Item | Description | FY2011 | 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 | |
IRC | Federal 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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