Japanese Prime Minister Shigeru Ishiba insisted he would to stay on after some ruling party lawmakers stepped up their calls ...

A step-up in basis is an adjustment to the value of appreciated assets upon inheritance. Click to see the rationale for this rule and its impacts.

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. Inherited assets don’t have to incur added fees.

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).

Calculating Step-Up in Basis Calculating the stepped-up basis on an asset that is owned by one person is straightforward. It is simply the market value of the asset on the day the purchaser died.

However, the heir's basis in the stock is "stepped up" to the $50 million gain when he inherited it – so no income tax is due on the sale, or ever due on the $40 million of gain.

The step-up in basis, one of the most powerful tools in estate and tax planning, can make a huge difference in capital gains taxes owed. Kiplinger. Save up to 74%. Subscribe to Kiplinger.

When the New York Rangers needed a defenseman to step up when Ryan Lindgren went out in preseason, they called on the next guy up and he performed well. That d-man was K'Andre Miller.

"Jaylen Brown. Don't forget about him. He stepped up. JB stepped up tonight when it counted. We're going in 7. Celtics in 7," another fan said.

Why stepped-up basis is important for maintaining family forests by Thomas J. Straka, opinion contributor - 05/24/21 11:00 AM ET ...

EXCLUSIVE: There will be no fourth season of Step Up (fka Step Up: High Water). Starz has canceled the drama series after its one-season run on the network. The upcoming Season 3 finale, slated to ...