I live in Georgia. A family farm was acquired in 1962 in Illionis and has a basis of $250,000. The farm was placed in an irrevocable living trust in 2001 drawn up in the state of Georgia with a stepped up basis of $558,000. The state of llinois condemned the land and bought it for $610,000 in 6/2005. The owner of the land died in 11/2005 and the land passed to the sole heir. What capital gains are due?
Thanks, CBF
Thanks, CBF