That was certainly good news.
Most people are.
For example, a major dilemma some people face is how to best maximize the benefits of long-held appreciated investments. In most cases the dilemma revolves around the capital gains tax. In other words, if someone wants to invest in an appreciated property that produces little income, there is hesitation to do so because the capital gains tax is so high that it greatly diminishes the value of the reinvestment. Transfer of Property at Death. Property in the estate at the time of death receives what is called a stepped-up basis.