My wife's sister wrote the following about their mother's estate: Her accountant said "The info needed is not the value of the estate at death vs. at the time it was liquidated; rather, it's the capital gains or losses (change in value of assets between when they were purchased and when sold)."
I thought that upon death the estate got stepped up in basis to present value. And that runs contrary to "change in value of assets between when they were purchased and when sold". What am I not understanding?
Dick