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Adjusting basis in S corp stock

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in Small Business Tax

Q: We own S corporation shares bought more than 12 months ago at $12 per share that now have a market value of $25 per share. If the shareholder dies, is the basis adjusted to market value at death? T.M., via e-mail

A: Yes. A deceased shareholder's basis in S corporation stock is stepped up or stepped down to fair market value as of the date of death (or the "alternate valuation date" six months later, if that date is used for estate tax purposes).

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