STEPPED-UP BASIS
\stˈɛptˌʌp bˈe͡ɪsɪs], \stˈɛptˌʌp bˈeɪsɪs], \s_t_ˈɛ_p_t_ˌʌ_p b_ˈeɪ_s_ɪ_s]\
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For tax purposes, a value that is used to determine profit or loss when property is sold. If someone inherits property that has increased in value since the deceased person acquired it, the tax basis of the new owner is "stepped-up" to the market value of the property at the time of death. The stepped-up basis means that when the property is eventually sold, there will be less taxable gain.
By Oddity Software
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).
Nearby Words
- stepparent adoption
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