stepped-up basis

stepped-up basis definition - business

stepped-up basis

An increase in the cost basis of an asset for tax purposes. For example, inherited property assumes a stepped-up basis if it increased in value subsequent to the date it was acquired by the deceased person. Also called basis.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.