In the Tax Reform Act of 1976, Congress altered the treatment of basis in property acquired from a decedent. Under § 1023 of the Internal Revenue Code, a beneficiary now acquires as his basis, the decedent's basis, subject to adjustments, rather than the fair market value at the date of death. The author explains these changes and their effects.
Barry L. Isaacs,
The Operation of Section 1023,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol16/iss1/8