Jesse€™s grandfather dies on April 13 of the current year. Jesse inherits the following property:

a. What is Jesse€™s basis in the inherited property?
b. What is Jesse€™s basis in the property if the executor of the estate elects the alternate valuation date?
c. Assume the executor elects the alternate valuation date and distributes title to the land to Jesse on June 23 of the current year, when the fair market value of the land is $17,000. What is Jesse€™s basis in her inherited property?
d. Assume that the executor elects the alternate valuation date and distributes the property to Jesse on December 2 of the current year, when the fair market values are $15,000 for the land, $11,500 for the stock, and $500 for the watch. What is Jesse€™s basis in her inheritedproperty?

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FMV-Oct. Basi Property Land Stock Watch S 5,000 14,000 50 FMV-April 13 $20,000 10,000 13 $13,000 12,000 500 500