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Investors & landlords
You mentioned "irrevocable" with respect to the trust so it could be either a carryover basis or a stepped-up basis; more details concerning the trust are needed.
To put it simply (and admittedly incomprehensibly to the uninitiated), if the principal (corpus) of the trust was included in your father's gross estate, the property so included will receive a stepped-up basis.
‎February 18, 2020
12:31 PM