Tobin Inherited 100 Acres of Land on the Death of His

question 202

Multiple Choice

Tobin inherited 100 acres of land on the death of his father in 2018. A Federal estate tax return was filed and the land was valued at $300,000 (its fair market value at the date of the death) . The father had originally acquired the land in 1975 for $19,000 and prior to his death had made permanent improvements of $6,000. What is Tobin's basis in the land?

• A) $19,000
• B) $25,000
• C) $300,000
• D) $325,000
• E) None of the above

---

Definitions:

Independence

The state or quality of being self-reliant and free from outside control or not depending on another's authority, support, or resources.

New Career

The beginning or pursuit of a different job path or professional direction.

Sandwich Generation

People who take care of both children and aging parents at the same time.

Children

Young human beings who are not yet adults, often characterized by rapid physical growth and developmental changes.