In a Common Law State,jointly Owned Property Left to the Surviving

question 90

Multiple Choice

In a common law state,jointly owned property left to the surviving spouse will have a basis after the estate is settled equal to

• A)the decedent's basis before death.
• B)the total fair market value of the entire property at the date of death (the alternative valuation date was not elected).
• C)half of the fair market value of the entire property at the date of death (the alternative valuation date was not elected).
• D)half of the basis just before death,plus half of the fair market value at the date of death (the alternative valuation date was not elected).

---

Definitions:

Fund Complexes

Groups or families of mutual funds offered by the same investment company, often sharing the same investment advisor or management team.

Taxable Event

A financial transaction that may result in taxes owing to the government.

Short-term Capital Gain

A profit realized from the sale of an asset held for less than a year, often taxed at a different rate than long-term capital gains.

Long-term Capital Gain

Profit from the sale of an asset held for more than a year, typically subject to a lower tax rate.