I appreciate your technical explanation and legislative background for the statutory repeal of 121(d)(11). This all makes sense in context and so there is no statutory basis for the taxpayer to claim both the step up in basis and the 121 exclusion as Congress intended to only provide one benefit. Since the Estate Tax was reenacted in 2010, the step up in basis is the only benefit to the Estate (just to be clear, the Estate does not have to be a taxable estate (as long as the asset is included in the gross estate) to get the step up in basis. Thanks for the clarification in advance.
