Basis in property

Question 1

When the fair market value of an asset is greater than the decedents basis, what is the called?

Answer 1

The step-up basis

Question 2

When taxpayer inherits a capital asset from a decedent, what is the Taxpayer basis?

Answer 2

The FMV of the asset at the date of death, (or alternate valuation date when selected, 6 months after the date of death)