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There was a case reported by Spidell and CCH wherein the 11th circuit approved a discount for the potential capital gain tax inside a holding company. (The decedent had some 6% interest in the company.) This seems like a huge deal to me but I haven't seen it commented on. Does this mean we can take discounts for potential capital gains whenever there is an asset that doesn't get stepped-up? Or whenever the step-up applies to outside basis but not inside basis?
The case is Jelke v Comm (11/15/07) 11th Circuit No. 05-15549.
Bob Abelson, CPA
Torrance, CA
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Member
 
Group: Forum Members
Last Login: 12/17/2009 4:06:12 PM
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Bob,
This is still pretty new, so I don't think anyone can say definitively what should be done. Also, the Jelke case was 11th Circuit, not 9th Circuit.
There is some discussion here:
http://www.abanet.org/rpte/meetings_cle/heckerling/2008/report_part_2.html
When you get to that page, use Ctrl-F to find the word Jelke on the web page.
I have some more detailed information that someone sent me, which I will try to forward to you.
Bill Downs
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