The Probate Lawyer Blog: “there’s another quirk about the estate tax law that makes it even less likely that the Steinbrenner family will ever sell the team. The estate tax loophole has a catch. In 2010, heirs of the very wealthy do not get to enjoy a typical tax savings called “step-up in basis”. What does this mean? . . . This means that the Steinbrenner heirs have the same tax “basis” that George did when he bought the franchise back in 1973 for a mere $10 million.”
George Steinbrenner’s Heirs Avoid Estate Tax – or do They?
By On the Net|2016-12-13T20:33:53-08:00July 15th, 2010|
About the Author: On the Net
This blog post links to the quoted article found else where on the internet. Click on the lnk to read the entire article.