life estate and step up in basis

Dear 1031x: What is the basis for a property that comes to me as a remainder for a life estate held by my father? His basis or the value upon his death?

Since I am not inheriting the property by Will,
but as the remainder from his life estate, will I be able to to use the inheritance tax allowance of $1,500,000?

Dear P:  I am not sure of the answer to your question but I believe this is correct: 1) The full value of  the property will have been included in your father's estate.  2) This stepped up basis will be reflected in his estate tax return. 3) You will get a stepped up basis so, when you sell it, you will only have to pay income tax on the increase in value since the step up in basis.  Sincerely,