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Income Tax Planning
Chapter 10: Basis Rules, Depreciation, and Asset Categorization/BASIS OF PROPERTY ACQUIRED THROUGH INHERITANCE
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Chapter 10: Basis Rules, Depreciation, and Asset Categorization

BASIS OF PROPERTY ACQUIRED THROUGH INHERITANCE

01.Core Concepts

• Basis = fair market value at : • The date of death, or • The alternate valuation date • Sometimes called “stepped-to” basis • Applies to testamentary transfers of property whose value is included in the decedent’s gross estate.