Taylor Inherited 100 Acres of Land on the Death of His

question 2

Multiple Choice

Taylor inherited 100 acres of land on the death of his father in 2018. A Federal estate tax return was filed and this land was valued therein at $650,000, its fair market value at the date of the father's death. The father had originally acquired the land in 1972 for $112,000 and prior to his death he had expended $20,000 on permanent improvements. Determine Taylor's holding period for the land.

• A) Will begin with the date his father acquired the property.
• B) Will automatically be long-term.
• C) Will begin with the date of his father's death.
• D) Will begin with the date the property is distributed to him.
• E) None of the above.

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