Question 4 2.84 pts Assuming the alternate valuation date does not apply, the basis of inherited property is generally {3 its fair market value on the date of the decedent's death. {3 the same as the decedent's basis {carryover basis). {3 the pro pertv's highest historical value prior to the date of the decedent's death. {3 the property's lowest historical value prior to the date of the decedent's death. Question 2 2.83 pts Which of the following statements about the sale or exchange of a personal use asset is correct? 0 Neither a realized gain nor a realized loss on the sale or exchange of a personal use asset is recognized. O A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss is not recognized. 0 Both a realized gain and a realized loss on the sale or exchange of a personal use asset are recognized. {9 None ofthe above. Question 3 2.83 pts Gain or loss realized on a sale of property is equal to: Cl the amount realized from the sale minus the property's adjusted basis on the date of sale. 0 the property's highest historical value minus the property's adjusted basis on the date of sale. (ii the sale price of the propertyr minus the fair market value of the property. 0 the property's highest historical value minus the amount realized from the sale