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by freddie_mercury
1834 days ago
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The US tax code has had step-up basis for over 100 years, since income tax was first put in place. I don't think there are any archival documents showing the reasoning for that particular choice. I think the common belief is that it was a simplification due to the relative lack of record keeping 100+ years ago. If you inherited some assets in 1909 it could have been very hard to figure out what the cost basis was, since you would have no idea where the records were or if any records had even been kept. |
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