My brother-in-law recently passed away and had some poorly performing mutual funds in a taxable brokerage account where my wife is the named beneficiary. She has the option to receive the proceeds in cash or have the mutual funds transferred under her name. Is there any tax advantage to having the mutual funds transferred under her name other than deferring the taxable gain to a future date when she sells the funds. I am assuming that her cost basis of the mutual funds will be zero and since she could really use the money now, I would think that the cash option would be best. Am I overlooking any tax advantages or consequences by her taking the cash option? Thank you for any advice.
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