Pub 4895, under Section 1022 Election, states "Note. If the executor does not make a valid and timely Section 1022 Election, the rules in effect for determining basis in property acquired from a decedent who died immediately before 2010 will apply." For a 2010 decedent whose estate is modest and nowhere near the Estate Tax thresholds, his estate would receive stepped-up basis for tangible business property (sole proprietorship), correct?
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