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Based on the lower of cost OR (FMV) Fair Market Value which has sadly plummeted over the past few years right?

Cost is stops being part of the equation for inherited stocks.
As Peter said (and I've read on this board before):

"the cost basis of each stock is changed to the FMV as of the date of her death."

Whether she bought INTC in September 2000 or September 1980, it doesn't matter. The new basis is now steppped down (from 2000 prices) or up (from 1980 prices) to the FMV as of her death. Mostly people think of it as a "step up in basis" even though it's not necessarily an "up".

And from what I've read here, the relevant time for FMV is as of the date of her death, not when someone moved the stock from one account name to another.
Perhaps one of the resident experts can point to useful information on how to determine the FMV. (closing price for the stock on that date? average of high and low of the stock for that date?)
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