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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Definitions:

Sierra Nevada Mountains

A mountain range in the Western United States, known for its striking landscapes, diverse ecosystems, and recreational opportunities.

U.S. Air Pollution

The presence of harmful or excessive quantities of substances including gases, particulates, and biological molecules in the atmosphere of the United States, resulting from both natural processes and human activities, which can harm human health, the environment, and property.

Seriously Affected

Significantly impacted or altered in a negative manner.

Carbon Monoxide

A gas that is clear, has no smell, and is poisonous, resulting from the incomplete burning of materials containing carbon.