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May 9, 1993. His will was not probated because his property was
held in joint tenancy.
Ann Van Tine was executrix of decedent's estate. She filed
an estate tax return (Form 706) for the estate. On it, she
excluded 50 percent of the value of the joint tenancy properties
from decedent's gross estate. On August 17, 1993, Ann Van Tine
filed an affidavit-Death of Joint Tenant, which allowed her to
receive title for the 7 Diamonte Lane, 2243-45 Sepulveda
Boulevard, and 2255 Sepulveda Boulevard properties. In
calculating depreciation on her 1993 income tax return, Ann Van
Tine took a full step-up in basis for the 7 Diamonte Lane and
2243-45 Sepulveda Boulevard properties and a 50-percent step-up
for the 2255 Sepulveda Boulevard property and used the date of
death values of the properties to compute her basis.
The fair market values of the three properties at issue on
May 9, 1993 (decedent's date of death), were $215,000 for the
2243-45 Sepulveda Boulevard property, $345,000 for the 2255
Sepulveda Boulevard property, and $590,000 for the 7 Diamonte
Lane property, for a total of $1,150,000.
Ann Van Tine sold the 2243-45 Sepulveda Boulevard property
for $215,000 in 1994 and the 7 Diamonte Lane property for
$580,000 in 1995. In reporting gain from the sale of the 7
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