Will this work (Stepup basis, depreciation, death and taxes)

[Pacun]

I am married but the Pacun Tower in San Francisco, CA is only under my name. I am 30 years old and the Pacun tower is being rented as apartments and retailers. I have decided to open the Pacun Corparation and collect all the rents from tenants and retailers using the corporation. I will lease the whole Pacun Tower to the Pacun Corporation and I will depreciate the building under my 1040 and report rental income. 

If I die when I am 71 years old, the Pacun tower will be completed depreciated and it will get step up basis and my wife will be able to sell it and pay 0 taxes... will that work?

Also, I will have to depreciate the retailers portion of the building using 40 years and the apartments portion using 27.5 years and of course the land will not be depreciated.

By the way, pacun doesn't exist on any of the forms mentioned above but please think about the pacun tower as a half billon construction.

Is that correct? 

[MarlonH]

Step up basis at death has been under attack as a benefit for "the rich" for a few years.  Chances of that still occurring in 41 years is unlikely in my opinion.  Not sure about the rest.

[Gail in Virginia]

Not sure how that will work in a community property state either.