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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.
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.
Bagel Company
A business that specializes in the production and sale of bagels, often including various flavors and toppings.
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