Kelly inherits land that had a basis to the decedent of $95,000 and a fair market value
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Question:
Kelly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2019, the date of the decedent’s death. The executor distributes the land to Kelly on November 12, 2019, at which time the fair market value is $49,000. The fair market value on February 4, 2020, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2020, for $48,000. What is her recognized gain or loss?
a.($1,000)
b. ($2,000)
c.($47,000)
d.$1000
Related Book For
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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