Stepped Up Basis Archives - John R. Dundon II, Enrolled Agent
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Stepped Up Basis

29 Jun

Posted at 00:00h in Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Stepped Up Basis, Tax planning, Trusts

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death.  In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...

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