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CHAPTER 12C-1 CORPORATE INCOME TAX
For tax purposes, your parent's tax basis was $10,000 each. Your father died 20 years ago, when the house was worth $40,000. Under a legal concept called the "stepped-up basis," the market value on the date your father died was added to your mother's basis. Thus, her basis would be $30,000 (her original $10,000 plus half of the $40,000).
step up in basis on inherited property

[DOC File]Letter to IRS Commissioner Shulman RE: Notice 2009-17 ...
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For calendar year 2010, the death-time adjustment of cost basis is a mixture of step-up and carryover basis rules. See Revenue Code Section 1022. When capital property is transferred at death, the step-up in basis is limited to an aggregate $1.3 million of increase in basis.
step up valuation at death

[DOC File]Leimberg’s - SFSP
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The basis in the assets will then be stepped-up for Florida tax purposes to the same extent as for federal income tax purposes. (d) “Taxable income” for an S corporation is defined as the amount subject to tax under s. 1374, I.R.C., which is incorporated by reference in Rule 12C-1.0511, F.A.C., (built-in gains or capital gains) or s. 1375 ...
inheritance step up basis

[DOC File]Tax Outline
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The effect of this formula is to step-up the basis of the nonrecently purchased stock to an amount equal to the basis it would have if it were recently purchased stock. Once T makes the deemed election, the grossed-up basis is the same as the grossed-up basis of the stock for purposes of applying the MADSP formula. See Part V.C.2.c., above.
stepped up cost basis rules

Stepped-up basis - Wikipedia
The AICPA commends the IRS for raising pertinent questions within Notice 2009-17 about what the Service calls “special rules and mechanical issues” e.g., the treatment of wash sales and death and gift related adjustments; issues that Congress found particularly difficult to tackle within the context of the basis reporting legislation.
decedent's estate stepped up basis

[DOC File]Chapter 9
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* This upsets the IRS b/c they want to tax all gain at least once…this is why exempt charity rules and non-recognition rules are renewed yearly and not permanently intact (even eliminated stepped-up basis rule at once time) * §1041 (no gain or loss recognized) passed so that people would not try to live in community property states.
irs rules regarding stepped up cost basis

[DOC File]TABLE OF CONTENTS
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Spouse will get ‘stepped up basis’ as well on deceased spouse’s share, if applicable. Divorced Taxpayers If a taxpayer receives the home from an ex-spouse as a property settlement, the time the ex-spouse owned the home is added to the taxpayer’s time of ownership.
inheritance step up rules

[DOC File]Consumer template 1-2
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Carryover basis: basis is the amount paid originally for the item by the devisor. Want to make sure gain is realized. Stepped –up basis § 1014. For inheritance purposes, when X dies, the value of the property will be adjusted to the FMV of the day the decedent died. No one pays income tax on the gain. No stepped-up basis if on installment plan
stepped up basis irs publication

Irs stepped up basis rules