_____ 4.The basis in property acquired by inheritance is normally its fair market value at the date of the decedent's death.

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This statement is true according to the U.S. Internal Revenue Service (IRS). Property received through inheritance typically has a "stepped-up" basis equal to its fair market value at the time of the decedent's death, meaning any gains in value that occurred during the decedent's lifetime are not subject to capital gains tax.

_____ 4The Basis in Property Acquired by Inheritance Is Normally Its