Irc Section 1014

A in generalexcept as otherwise provided in this section the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall if not sold exchanged or otherwise disposed of before the decedent s death by such person be 1. Irc 1014 and the significance of stepped up basis in estate planning written by john dundon posted in estate planning tax according to internal revenue code section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent s death. 1014 a in general except as otherwise provided in this section the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall if not sold exchanged or otherwise disposed of before the decedent s death by such person be i r c.