§1040 — Transfer of certain farm, etc., real property
4 cases·4 cited
Statute Text — 26 U.S.C. §1040
If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which an election was made under section 2032A, then gain on such transfer shall be recognized to the estate only to the extent that, on the date of such transfer, the fair market value of such property exceeds the value of such property for purposes of chapter 11 (determined without regard to section 2032A).
To the extent provided in regulations prescribed by the Secretary, a rule similar to the rule provided in subsection (a) shall apply where the trustee of a trust (any portion of which is included in the gross estate of the decedent) transfers property with respect to which an election was made under section 2032A.
The basis of property acquired in a transfer with respect to which gain realized is not recognized by reason of subsection (a) or (b) shall be the basis of such property immediately before the transfer increased by the amount of the gain recognized to the estate or trust on the transfer.
4 Citing Cases
He asserted as the basis for his position that: (1) he "was not involved in interstate commerce," (2) he was not the execu- tor ofan estate or the trustee ofa trust within the meaning ofsection 1040, (3) he had no taxable income for 2012 by virtue ofsection 861, (4) the IRS had not pro- vided him "any record ofa summary record ofassessment," and (5) the IRS was "attempting to create 'taxable income' from unsworn testimony and inadmissible hearsay information and impart a duty on petitioner witho