Question: Please Answer Only B. 1 & 2 Problem 7-56 (LO 7-3, 7-4, 7-5, 7-6) Suzette inherited property from her father on April 19, 2021. The

Please Answer Only B. 1 & 2

Problem 7-56 (LO 7-3, 7-4, 7-5, 7-6) Suzette inherited property from her father on April 19, 2021. The FMV at the date of death was $32,700. The property was worth $27,950 six months later and had a basis to Suzette's father of $20,500. Required: a. What is the basis of the inherited property to Suzette 1. If the alternate valuation date was not elected? 2. If this property qualifies for using the alternate valuation date? b. If Suzette sold the property on November 1, 2021, for $38,750, what are the amount and nature of the gain 1. If the alternate valuation date was not elected? 2. If this property qualifies for using the alternate valuation date

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