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STEP IN, STEP UP: WOMEN\'S SCHOOL LEADERSHIP JOURNEYFeaturing Jane Vistaril 25, 2024 NIU NAPERVILLEWomen have incredible potential to drive change in education if they step up to lead at all levels.

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What is step in step up?

Step in step up refers to a tax provision that allows for an adjustment of the basis of an asset when it is transferred to beneficiaries, typically at its fair market value at the time of the decedent's death.

Who is required to file step in step up?

The executor or administrator of the estate is required to file step in step up, reporting adjustments for the beneficiaries.

How to fill out step in step up?

To fill out step in step up, you typically need to complete a specific tax form provided by the IRS, detailing the assets being transferred and their adjusted basis.

What is the purpose of step in step up?

The purpose of step in step up is to help reduce the capital gains tax burden on beneficiaries by allowing them to inherit assets at their current market value instead of the original purchase price.

What information must be reported on step in step up?

The information that must be reported includes details of the assets being stepped up, their fair market value at the time of the decedent's death, and the identity of the beneficiaries.

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