December 2011 Subscribe
In conjunction with the repeal of the estate tax in 2010, the “stepped-up” basis rule (under which the basis of property passing from a decedent's estate is generally the fair market value on the date of death) was replaced with a “modified carryover” basis regime. Specifically, the basis of property acquired from a decedent after December 31, 2009, is treated as if the property had been acquired by gift. Accordingly, recipients of such property will receive a basis equal to the lesser of the decedent's adjusted basis or the fair market value of the property at the date of the decedent's death. However, the executor is allowed to increase the decedent's adjusted basis in the property under certain circumstances – click here to read more.

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