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Tender of Performance

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An increased basis (value that is used to determine taxable profit or loss when property is sold) given to inherited property that went up in value after the deceased person acquired it but before the new owner inherited it. the basis of the new owner is “stepped up” to the market value of the property at the time of death. the stepped-up basis means that when the property is eventually sold, there will be less taxable capital gain.

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