Minkin v. Commissioner of Revenue

This appeal raises the question whether, for purposes of Massachusetts income taxation, property owned by a corporate trust is entitled to a “step-up in basis” similar to § 1014 of the Internal Revenue Code of 1954 (I.R.C.), when transferable shares pass from a decedent shareholder. The trustee of four corporate trusts (trusts) appealed from a decision of the Appellate Tax Board (board) upholding the Commissioner of Revenue’s (commissioner’s) determination that the trusts were not entitled to an abatement for alleged overpayment of capital gains taxes. The Appeals Court reversed the board’s…