Hemel: How Treasury And The IRS Have Allowed High-Net-Worth Taxpayers To Exploit Stepped-Up Basis On Intergenerational Wealth Transfers

Daniel J. Hemel (Chicago; Google Scholar), How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record:

This document, prepared as a response to a Question for the Record from House Ways & Means Subcommittee on Oversight Chair Bill Pascrell, explains how previous actions by Treasury and the IRS have facilitated strategies that allow high-net-worth individuals and families to exploit stepped-up basis while also avoiding federal estate and gift taxes on intergenerational transfers of wealth.

It also identifies specific steps that Treasury and the IRS can take on their own -- without any additional legislative action by Congress — that would prevent high-net-worth taxpayers from continuing to exploit these strategies.