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inheritance

Step-up in basis at death might go away

03/08/2022 by Report from Counsel

The Sensible Taxation and Equity Promotion (STEP) Act would get rid of what’s known as the step-up in basis to tax the unrealized gains of certain estates at death.

Step-up in basis refers to the way the value of an asset is readjusted for tax purposes upon inheritance.

Categories Estate Administration, Estate Planning Tags capital gains, estate plan, inheritance, STEP Act, Taxes, Trusts

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