The cost basis for heirs is raised to the market value on the previous owner's date of death, reducing future capital gains taxes. Residents of states with community property laws or those with ...

He wants to do this by changing the tax rules that allow a "step up" in basis on inherited property. This proposal, along with others designed to increase taxes on the wealthy, is included in ...

The IRS has published a private letter ruling on Section 754 and Treasury Regulation Section 301.9100 granting the taxpayer an extension of time to elect to adjust the basis of ...