Stepped-up basis is the basis of property that a taxpayer receives from a decedent under the Internal Revenue Code § 1014(a).
Read more about Stepped-up Basis: General Rule, Stepped-down Basis, Incentive For Taxpayers, § 2032 Election For Alternate Valuation, Definitions, Rationale For Stepped-up Basis, Sunset Provision
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—Sir Edmund Leach (20th century)