Also known as step-up in basis. Basis that is higher than the transferor's basis. For example, a buyer often receives a stepped-up basis in assets acquired in a transaction structured as an asset acquisition (see Practice Note, Asset Acquisitions: Tax Overview). A transferee often receives a stepped-up basis in property received from a decedent under the IRC § 1014(a). However, if the transferor's or decedent's basis in the property exceeds the fair market value of the property, there will be a "step-down" in basis.