basis, stepped-up

basis, stepped-up
n.
A basis that is increased to a certain level at a particular date, usually in property transferred through inheritance.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

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  • basis — ba·sis / bā səs/ n pl ba·ses / ˌsēz/ 1: something (as a principle or reason) on which something else is established the court could not imagine any conceivable basis for the statute see also rational basis 2: a basic principle o …   Law dictionary

  • stepped–up basis — see basis 3 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • stepped-up basis — An increased basis (value that is used to determine taxable profit or loss when property is sold) given to inherited property that went up in value after the deceased person acquired it but before the new owner inherited it. The basis of the new… …   Law dictionary

  • Stepped-up basis — basis is the term used to describe the basis of property that a taxpayer receives from a decedent under the Internal Revenue Code § 1014(a). General rule Under IRC § 1014(a) the general rule applied to property a beneficiary receives from a… …   Wikipedia

  • basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

  • basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

  • adjusted basis — see basis 3 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. adjusted basis n …   Law dictionary

  • carryover basis — see basis 3 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. carryover basis …   Law dictionary

  • cost basis — see basis 3 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. cost basis n. The amount …   Law dictionary

  • tax basis — See: basis Category: Personal Finance & Retirement → Taxes Category: Real Estate & Rental Property → Selling a House Category: Wills, Trusts & Estates → Estates, Executors & Probate Court Nolo’s Plain English Law Dictionary. Gerald N. Hill,… …   Law dictionary

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