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Message: <blockquote data-quote="Allen" data-source="post: 366889" data-attributes="member: 389"><p>You are right, the correct term would be estate taxes.  As far as the Steinbrenners not getting a step up in basis, are you sure of that?  They did inherit it at the 2010 value, and while no estate taxes were applied, they should have gotten the step up in cost basis.  Besides, does that matter if you never plan on it being sold?  Perhaps they never plan on letting the Yankees (and other large assets) go on the open market.  Another way to handle cost basis is to form a family oriented corporation or partnership where the charter states one must be a blood Steinbrenner to be a partner/stoick holder.  There are ways to deal with the minimizing the cost basis, especially in family owned businesses.</p></blockquote><p></p>

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