@ECollins93 wrote:
It’s my understanding there is NO STEP UP in cost basis when beneficiaries receive inheritance of stock which was part of an an irrevocable trust.
There is no step in basis unless the property is included in the decedent's gross estate which could be the case with respect to assets in an irrevocable trust (but not necessarily, particularly in the instance where a grantor trust became irrevocable upon the death of the grantor).
