Posted 6/30/2020 08:33 (#8344870 - in reply to #8344857) Subject: RE: I guess stepped up basis is considered a loophole
Farmland purchased in 1980 for $3000 is selling for 9-10 today. $3000 in 1980 = $9334 today in 2020 dollars per inflation calculators. You mistakenly say there has been $6334 of cap gain but there hasn't been. Inflation is the reason for step up in basis.