In general
Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent’s death by such person, be—
(1)#
the fair market value of the property at the date of the decedent’s death,
(2)#
in the case of an election under section 2032, its value at the applicable valuation date prescribed by such section,
(3)#
in the case of an election under section 2032A, its value determined under such section, or
(4)#
to the extent of the applicability of the exclusion described in section 2031(c), the basis in the hands of the decedent.