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<DIV><FONT size=4>I have a client who is PR of his dad’s estate. There are
some parcels which client’s earlier deceased mom gave to dad a life estate in
her community half so I had planned on listing only dad’s 1/2 of ownership/value
on the Inventory. Client’s CPA suggested that the full value should be
shown. Mom and Dad died about a year apart so the values of each community
1/2 are about the same. I assume that there was a step up in basis and from a
tax standpoint that the properties’ basis would so indicate. However, for
legal purposes because a life estate ends the instant of death, and the
remainderman becomes the owner - is not the correct inventory listing the
1/2 that the decedent owned? (and therefore the value would be also 1/2)?
This is not a taxable estate.</FONT></DIV>
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<DIV><STRONG><SPAN style="FONT-SIZE: 18pt; COLOR: #004080">Joshua F.
Grant</SPAN></STRONG><SPAN style="COLOR: #004080"><BR></SPAN><SPAN
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width=207 height=43><BR></SPAN><SPAN style="FONT-SIZE: 11pt; COLOR: #004080">P.
O. Box 619<BR>Wilbur, WA 99185<BR>509 647 5578</SPAN><SPAN
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