ILLMAS

Jack's advice on your thread is incorrect.  The basis is NOT the [fair market] value at the time the deed was prepared.  He is the one I meant when I made my remark about clients wanting a second opinion.  He fires anybody who questions him, and he wrong about 1/2 the time on here.  I hope I didn't offend you, I don't care if it's quick or quit, I have said it incorrectly many times.