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For example: If, on the date of a taxpayer's death, he had a basis of $35,000 in the house and the house's FMV was $100,000, and the taxpayer's sister received the house from the taxpayer after his death, then her stepped-up basis would be $100,000, not $35,000.
An early incarnation of a dedicated county recorder of deeds was established with the creation of Cook County in 1831. In 1848, it was eliminated, being merged into the position of clerk of the Circuit Court of Cook County (which was renamed "clerk and recorder"). [ 1 ]
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
(The Center Square) – Property owners will see about a dozen of the nearly 300 new Illinois laws taking effect Jan. 1, impacting them and their relationships with tenants. House Bill 4768 ...
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A deed in lieu of foreclosure is generally a last-resort step taken by a homeowner to avoid a foreclosure, says Alesia Parker, branch manager at Silverton Mortgage, an Atlanta-based residential ...
Morgan v. Illinois, 504 U.S. 719 (1992), is a case decided by the United States Supreme Court. The case established the right of defendants to challenge for cause any juror that would automatically impose the death penalty in all capital cases.
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.