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About: Stepped-up basis     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : dbo:MeanOfTransportation, within Data Space : dbpedia.org associated with source document(s)

Type: mean of transportation New Facet based on Instances of this Class

The tax code of the United States holds that when a person (the beneficiary) receives an asset from a giver (the benefactor) after the benefactor dies, the asset receives a stepped-up basis, which is its market value at the time the benefactor dies (Internal Revenue Code § 1014(a)). A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary sells the inherited asset.