Tobin Inherited 100 Acres of Land on the Death of His

question 202

Multiple Choice

Tobin inherited 100 acres of land on the death of his father in 2018. A Federal estate tax return was filed and the land was valued at $300,000 (its fair market value at the date of the death) . The father had originally acquired the land in 1975 for $19,000 and prior to his death had made permanent improvements of $6,000. What is Tobin's basis in the land?

• A) $19,000
• B) $25,000
• C) $300,000
• D) $325,000
• E) None of the above

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