Harry Inherited a Residence from His Mother When She Died

question 54

Multiple Choice

Harry inherited a residence from his mother when she died.The mother had a tax basis of $566,000 for the residence when she died and the residence was worth $433,000 at the date of her death.Which of the statements below is correct?

• A)Harry's holding period for the residence includes his mother's holding period for the residence.
• B)Harry's holding period for the residence does not include his mother's holding period for the residence.
• C)Harry's holding period for the residence is automatically long term.
• D)b and c
• E)None of the above.

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