Kelly Inherits Land Which Had a Basis to the Decedent

question 200

Multiple Choice

Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2018, the date of the decedent's death. The executor distributes the land to Kelly on November 12, 2018, at which time the fair market value is $49,000. The fair market value on February 4, 2019, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2019, for $48,000. What is her recognized gain or loss?

• A) ($1,000)
• B) ($2,000)
• C) ($47,000)
• D) $1,000
• E) None of the above

Discuss Kohlberg's levels of moral development and their application to ethical decision-making in business.

Understand the concept of ethics intensity and the conditions that raise ethical awareness in business scenarios.

Know the stakeholders in corporate governance and their roles.

Understand the concept and importance of asset allocation in funds.

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Definitions:

Radio-Frequency Identification (RFID)

A technology that uses electromagnetic fields to automatically identify and track tags attached to objects, containing electronically-stored information.

Tag

A label or keyword assigned to categorize or identify information, making it easier to search or group related items.

Evidence-Based Medicine

A medical practice approach that emphasizes the use of current best evidence in making decisions about the care of individual patients.

Passive RFID

A type of Radio-Frequency Identification technology where the tag does not have its own power source and relies on the reader's electromagnetic field to communicate.