How does the stepped-up basis work for inherited LLC interests from an NRA decedent?
My father was a non-resident alien who owned a 40% interest in a multi-member U.S. LLC that holds commercial real estate and stocks. He passed away recently and I'm inheriting his interest. I understand there's a 'stepped-up basis' for inherited property, but how does it work for a multi-member LLC? Does the basis step up apply to the LLC interest itself or to the underlying assets? What about the estate tax that was paid — does that affect the basis?
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