Evelyn Everest gave property to her mother Sharon when the adjusted basis of the property was $12,000

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Evelyn Everest gave property to her mother Sharon when the adjusted basis of the property was $12,000 and the fair market value was $80,000. Sharon died eight months later when the property was valued at $85,000 and she left the property to Evelyn.

a. What is Evelyn’s basis?

b. If Sharon had died more than a year after receiving the gift when the fair market value was $85,000, what would the basis have been to Evelyn?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 03:04 AM

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Evelyn Everest gave property to her mother Sharon when the adjusted basis of the property was $12,000

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a Evelyns Basis When a person inherits property the basis for tax purposes is generally the fair mar...View the full answer

CCH Federal Taxation Basic Principles 2020

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