Tony Died on April 5,2017

question 41

Multiple Choice

Tony died on April 5,2017.As part of his will,he leaves land that he paid $6,000 for in 2003 to his son Philip.On April 5,2017,the land is worth $11,000.However,due to local real estate conditions,the land continues to decline in value.On July 28 it is worth only $10,000;it declines further to $9,000 on October 5 and plunges to $7,000 on December 18.
I.In the absence of any special elections,Philip's basis in the land is $6,000.
II.If the executor distributes the land to Philip on July 28,Philip's basis in the land will be $10,000.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Job Satisfaction

The level of contentment employees feel about their work, which can affect their performance and overall well-being.

Organizational Behavior

The study of how individuals and groups interact within an organization, focusing on ways to improve efficiency and productivity.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Job Satisfaction

The level of contentment employees feel towards their jobs, involving aspects like work environment, duties, and compensation.