Jay A. Scheidlinger and Terence Hanley of J.H. Cohn write that before 2010, and the changes in the federal estate tax system, New York state's taxation structure provided for an estate tax on an estate's assets and a corresponding stepped-up tax basis for those assets. However, the federal changes created an unfortunate situation in which the estate tax and income tax systems in New York State would no longer mesh.
Double Taxation of New York Inherited Property
New York Law Journal
April 12, 2012
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