@ParkNYC following up from @Opus 17 response and your question about basis of the asset(s) received during distribution to the inheritors:
1. There are often two points in time when the basis is determined/valid ---- (a) at the time of demise of the decedent which is generally construed in practice to mean as soon as possible OR (b) alternate valuation date which in practice is the date on which the trustee / executor / probate judge can get a valid valuation of the all the assets - often within a few months ( 90 days is often followed). The constructive receipt date is when the distributing person ( trustee / executor/ probate judge etc. ) declares the new owner of the asset.
2. If the distributing authority just gets a reasonable estimate of the valuation from a reliable source retrospectively ( which sometimes happens ), that valuation will generally stand for purposes of establishinmg the basis of the property transferred.
3. For US purposes if the valuation is done in one tax year and actual distribution occurs in the next tax year, the original valuation with then then exchange rate is still your basis in US dollars. Also for US tax purposes, the gain at disposition is the sales proceeds ( sales price less any allowable sales costs ) LESS your adjusted basis ( original basis LESS any allowable depreciation PLUS any improvements costs ). Note that all these figures , are based on local currency to US$ exchange rates on "dollar of the day" basis. There are alternatives to this but this is generally true.
Given all of the above, I am not quite sure of your question -- what are you getting at? Please tell me more and either @Opus 17 or I would clarify.
pk
