Assertion: basis | /r/CapableOf | assume adjustment
Facets:
value: § 1016
type: OTHER
value: under irc
type: LOCATION
Source sentences:
text: An example of a stepped-up basis: If Benefactor owned a home that Benefactor purchased for $35,000, then Benefactor's basis in the home would be equal to its purchase price, $35,000, assuming no adjustments under IRC § 1016, which allows for increases in basis such as home improvements, or decreases in basis such as unrepaired windstorm damage.