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:
“Compassion has no place in the natural order of the world which operates on the basis of necessity. Compassion opposes this order and is therefore best thought of as being in some way supernatural.”
—John Berger (b. 1926)