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Tax Attorney Question: Iowa Estate Law Lets try this one

Customer Question
Tax Attorney Question: Iowa...
Tax Attorney Question: Iowa Estate Law

Let’s try this one more time……
I inherited some grain inventory from my father who was a farmer. I understand that I do not receive a step up in basis because the grain was business inventory. (correct me if my wrong) Who pays the tax on the grain, at what rate, and when is it paid?

Facts:
Decedents date of Death: January 12, 2012
Gross Estate Value: 5.8 million
The estate will pay tax on all assets in excess of 5.1 million later this month.

Questions with regard to the grain inventory:
Do I pay income or any other tax on the grain inventory when it is inherited / sold?
Does my deceased father pay tax on the grain inventory on his last return filed next year?
Can you provide a tax link to confirm this?
(Let’s ignore the capital gains tax and everything else for the sake of simplicity.)
Submitted: 5 years ago.Category: Tax
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Answered in 9 hours by:
10/15/2012
Tax Professional: Lindie-mod,
 replied 5 years ago
Lindie-mod
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Hi, I’m a moderator for this topic. It seems the Professional has left this conversation. This happens occasionally, and it's usually because the Professional thinks that someone else might be a better match for your question. I've been working hard to find a new Professional to assist you right away with your Tax issue, but sometimes finding the right Professional can take a little longer than expected.

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Customer reply replied 5 years ago

Yes I'll wait. Thank you.

Tax Professional: Lindie-mod,
 replied 5 years ago
Thank you for your continued patience. We will continue the search for a Professional for you.
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Tax Professional: Rachel-Mod, Moderator replied 5 years ago
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Category: Tax
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