I inherited shares of Oxy stock. How can I determine a) the value and b) the cost basis of the shares?
Generally, the income tax cost basis of property acquired by inheritance is the fair market value of the property on the date of the decedent’s death, i.e., the closing share price on that date times the number share held by the decedent. Tax consequences may vary, so you are encouraged to consult your personal tax advisor.
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