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This is often quoted in the UK where there is inheritance tax - 40% on estates above about £300K (=$500K at today's sad rate), but isn't it the case here that executors have to pay Capital Gains Tax on assets held by the deceased as if he/she were disposing of them? If so, die leaving a £600K...

That's more or less the system in the UK - the losses on my Central Equity properties just rolled forward. I am now a beneficiary of the system here (to a small extent, don't earn enough) but am amazed by it. Putting aside the fact that most of us here benefit from the status quo, if I were...