Ludwig Died on April 5,2013

question 83

Multiple Choice

Ludwig died on April 5,2013.As part of his will,he leaves land for which he paid $6,000 on December 31,2012,to his son Don.On April 5,2013,the land is worth $11,000.However,due to local real estate conditions,the land declines 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,Don's basis in the land is $11,000.
II.If the executor elects the alternate valuation date and distributes the land to Don on July 28,Don's basis in the land will be $9,000.
III.If the executor elects the alternate valuation date and distributes the land to Don on December 18,Don's basis will be $7,000.
IV.In the absence of any special elections,if the executor distributes the land to Don on October 5,Don's basis in the land will be $9,000.

• A)Only I is correct.
• B)I and II are correct.
• C)I, II and IV are correct.
• D)I and IV are correct.
• E)All the statements are correct.

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Definitions:

Outputs Constant

A condition where the quantity of production or output remains unchanged over a period of time.

Decreasing Inputs

The process or trend of reducing the amount of resources, labor, or material used in the production of goods or services.

Productivity Ratio

A measure of the efficiency of production, often calculated as the ratio of outputs produced to inputs used.

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