Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-6 - GAIN OR LOSS - BASIS OF PROPERTY; ADJUSTED BASIS
Section 810-3-6-.05 - Property Transmitted At Death
Universal Citation: AL Admin Code R 810-3-6-.05
Current through Register Vol. 42, No. 11, August 30, 2024
(1) After December 31, 1997: The basis of property acquired from a decedent will be determined according to 26 U.S.C. § 1014. For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating Rules.
(2) Prior to January 1, 1998: Basis for the following shall be the fair market value of the property at the time of decedent's death:
(a) Personal property
acquired by specific bequest,
(b)
Real property acquired by general or specific devise or by intestacy,
(c) Property acquired by the decedent's
estate from the decedent.
(d) In
all other cases of property acquired by will or intestacy, basis shall be the
fair and reasonable market value of the property at the time of distribution to
the taxpayer.
(e) The value of
property as of the date of the decedent's death as appraised for the purpose of
the federal estate tax or the alternate value as appraised for such purpose,
whichever is applicable, shall be deemed to be its fair market value.
Author: Ed Cutter, CPA
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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