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Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
What Cardinals HC Jonathan Gannon had to say after the Cardinals had to place two cornerbacks on injured reserve.
In other words, without the step-up in basis, the children who inherited the property would have had a considerably higher taxable gain after the sale ($500,000 - $100,000 = $400,000 gain).