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If a depreciating asset starts being held by you as a legal personal representative (say, as the executor of an estate) as a result of the death of the former holder, the cost of the asset is its adjustable value at the time the former holder died-see Methods of working out decline in value for an explanation of adjustable value.
If you start to hold the depreciating asset because it passes to you as a beneficiary of the estate or as a surviving joint tenant, the cost of the asset is the market value when you started to hold it reduced by any capital gain that was ignored when the owner died or when it passed from the legal personal representative. See the Guide to capital gains tax for information about when these gains can be disregarded.
Last modified: 01 Jun 2005QC 27399