You can save taxes for Mr. DW. You sell all his stock losers today to realize $3.9m capital losses. The account snapshot is in Panel B. Now DW has $100k ST cap gains taxed at 37% and $300k LT cap gains taxed at 20% His unrealized $8.9m gains will not be taxed at his death, due to step-up in basis. You have just saved DW $________ in taxes.