In H. RES. 206, the House of Representatives recognizes the importance of the "stepped-up basis" as defined under section 1014 of the Internal Revenue Code. This provision allows people who inherit assets like land or buildings to adjust the value for tax purposes to the...
Simple Explanation
In H. RES. 206, the House of Representatives says it's important for children to get family farms and small businesses without having to pay a lot of taxes. They want to keep a rule that helps people who inherit these businesses by adjusting the value to today's prices so it's not too expensive.