DavidD66, thanks for the response! Some follow-up questions:
Just to clarify ...when you say "proceeds", do you mean the capital gain amount (i.e if the capital gains was $20,000 then the proceeds equal $20,000)?
If I understand your statement, when the proceeds are distributed to the beneficiaries, they pay capital gains tax on the $20,000 and not the estate?
If the proceeds are split equally between the two beneficiaries, $10,000 on their respective K-1, is the capital gain tax each beneficiary pays based on $10,000?
Thanks
