Gordon Died on January 1 and by His Will Left

question 96

Multiple Choice

Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and an FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (before the annual gift tax exclusion) of

• A)$100,000.
• B)$60,000.
• C)$50,000.
• D)$0.

---

Definitions:

Corporate Dissolution

The formal and legal process of dissolving or ending the existence of a corporation, which involves settling debts and distributing remaining assets.

Secretary of State

A high-ranking government official, often involved in foreign affairs or the head of a governmental department, depending on the country.

Deadlocked Corporation

A situation where the directors or shareholders of a corporation are unable to reach a consensus, halting decision-making processes.

Cohen v. Mirage Resorts, Inc.

A legal case that addresses issues related to securities law, potentially involving aspects of shareholder rights or corporate governance.