Let's say you know of an elderly widow that is quite secure in her finances to ride life right on out to the very last second. Said woman has nieces and nephews that inherited some family land from her sister. Said woman may wish to buy the family land from the nieces and nephews at current market value. The new basis has already been set with the recent inheritance. If the woman were to purchase the land with no interest in selling, but only to heir it to her family, what possible ramifications could there be?This is assuming that all family members are aware of the purchase and agree with it. No back door stuff.

 Second point. What if a small, separate portion of said land were co-owned with her sister and now co-owned with the nieces and nephews? If the parcel co-owed is not designated as geographical separate ownership, but one piece just 50/50 co-owned, how would that effect her basis step up on her 50% if she purchases the other 50% from her nieces and nephews? I'm really unclear about this part. Her 50% seems un-effected by the 50% inherited by the nieces and nephews, so I'd think her purchase of it would not effect her half and force a capital gain tax, would it?