Why Is It Generally Undesirable to Pass Property by Death

question 73

Essay

Why is it generally undesirable to pass property by death when its fair market value is less than basis?

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Definitions:

Personal Costs

Expenses directly paid by an individual, often relating to personal needs or desires, such as healthcare or education.

Macroeconomics

The branch of economics that studies overall economic dynamics, such as total national output, income, unemployment, and inflation.

Microeconomics

The branch of economics that studies individual, household, and firm behavior in decision making and allocation of resources.

Aggregate Markets

The entirety of all buyers and sellers in the economy, engaging in the trade of goods and services summed across all individual markets.