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IRS.gov Website
Publication 4895
taxmap/pubs/p4895-003.htm#en_us_publink1000263710

Property Eligible for Increase to Basis(p3)

rule
Generally, the executor can allocate additional basis under section 1022 (up to the FMV of the property) to property acquired from the decedent that was owned by the decedent at the time of death.
taxmap/pubs/p4895-003.htm#en_us_publink1000263711

Property Owned by the Decedent at the Time of Death(p3)

rule
The basis of property acquired from the decedent can be increased by an allocation of Basis Increase only if and to the extent the property was owned by the decedent at the time of death.
For information about ownership, see Rules relating to ownership, in the Instructions for Form 8939.