Examlex

Solved

Kelly Inherits Land Which Had a Basis to the Decedent

question 146

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, 2017, the date of the decedent's death. The executor distributes the land to Kelly on November 12, 2017, at which time the fair market value is $49,000. The fair market value on February 4, 2018, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2018, for $48,000. What is her recognized gain or loss?


Definitions:

Final Remarks

The concluding statements or thoughts in a discourse or piece of writing.

Clarity And Confidence

The quality of being easily understood and sure of oneself, often resulting in effective and convincing communication.

Transitional Words

Words or phrases used to connect ideas, sentences, or paragraphs, ensuring smooth flow in writing.

Complete Sentences

Sentences that contain at least a subject and a predicate, expressing a complete thought or idea.

Related Questions