Tobin Inherited 100 Acres of Land on the Death of His

question 58

Multiple Choice

Tobin inherited 100 acres of land on the death of his father in 2016.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 1973 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:

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The expression or application of human creative skill and imagination, typically in a visual form such as painting or sculpture, producing works to be appreciated primarily for their beauty or emotional power.

José De Ribera

A Spanish painter and printmaker, noted for his realistic depictions and dramatic use of light, who worked mostly in Italy.

Caravaggio

An Italian painter known for his dramatic use of light and shadow, and his realistic depiction of the human state, both physical and emotional.

Spain

A country in southwestern Europe, located on the Iberian Peninsula, known for its rich history, diverse culture, and significant contributions to art, architecture, and global exploration.