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Tobin inherited 100 acres of land on the death of his father in 2019.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 1976 for $19,000 and prior to his death had made permanent improvements of $6,000.What is Tobin's basis in the land?
Compute
To calculate or process by means of a computer or mathematical operations.
Held To Maturity
A classification for debt securities which an investor intends and is able to hold until maturity, recognizing interest income over the term.
Face Value
The nominal or dollar value printed on a security or instrument, such as a bond or stock, representing its legal value.
Interest
The cost of borrowing money, typically expressed as an annual percentage of the loan or deposit amount.
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