Hello,
Does step up basis apply in this case? Beneficiary is a US person in CA. Parents are non US residents with a brokerage in the US.
Who died?
Are you sure he died --------- I thought who's on first. 😉
The father (foreign resident with US brokerage)
I do not dabble with any foreign clients but I believe they would still get the step up in basis.
Where is CA? Canada or California? Or maybe Central America. In any case, Rev. Rul. 84-139 says real estate gets stepped-up basis. Same logic (although there's little to be found in its reading of Section 1014) would apply to personal property.
