If Property Is Inherited by a Taxpayer

question 26

Multiple Choice

If property is inherited by a taxpayer,

• A)To the recipient, the basis for the property is the same as the basis to the decedent.
• B)At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss.
• C)At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year.
• D)In general, the basis to the recipient is the fair market value at the decedent's date of death.

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Definitions:

High-Risk Group

A category of individuals who, due to specific characteristics or behaviors, have a significantly higher chance of developing a particular disease or injury than the general population.

H1N1

A subtype of influenza A virus known to cause respiratory infections in humans; it was responsible for the 2009 flu pandemic.

Pandemic

A global outbreak of a disease that affects a large number of people across several countries or continents.

Oxygen

A chemical element vital for respiration in living organisms and necessary for combustion, represented by the symbol O.