Intax --- Page: 22 : April 2007 No author supplied for original article
ABIX Summary
Beneficiaries of estates left by wealthy individuals may find themselves in for an unpleasant shock if proper estate planning has not been carried out. If the deceased has left appreciating assets such as shares or property, any capital gain made as a result of these assets then being disposed of will be passed on to the heirs and beneficiaries if the deceased has not left any assets that can be sold at a capital loss. Although capital losses incurred by the deceased could be carried forward indefinitely during life, these losses are considered to have expired upon the person's death.
