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Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.

However, the heir's basis in the stock is "stepped up" to the $50 million gain when he inherited it – so no income tax is due on the sale, or ever due on the $40 million of gain.

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A step-up in basis is an adjustment to the value of appreciated assets upon inheritance. Click to see the rationale for this rule and its impacts.

Calculating Step-Up in Basis Calculating the stepped-up basis on an asset that is owned by one person is straightforward. It is simply the market value of the asset on the day the purchaser died.

In other words, without the step-up in basis, the children who inherited the property would have had a considerably higher taxable gain after the sale ($500,000 - $100,000 = $400,000 gain).