If an investment owned by an estate is split between beneficiaries, how do you pay the tax on the change in value between the date of death and the distribution date?

[bunnyenchris]

This would be for investment funds/accounts that were not sold so there's no 1099-B, but each of two beneficiaries received have off the shares.

[fanfare]

you won't pay any tax until you sell those assets

the estate must pay its own taxes due, if any,  before distributions can be made