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
Famous quotes containing the word basis:
“That food has always been, and will continue to be, the basis for one of our greater snobbisms does not explain the fact that the attitude toward the food choice of others is becoming more and more heatedly exclusive until it may well turn into one of those forms of bigotry against which gallant little committees are constantly planning campaigns in the cause of justice and decency.”
—Cornelia Otis Skinner (1901–1979)