Q1- Ron inherited 100 acres of land on the death of his father in 2021. A federal estate tax return was filed, and the l
Posted: Sun Jul 03, 2022 4:14 pm
Q1- Ron inherited 100 acres of land on the death of his fatherin 2021. A federal estate tax return was filed, and the land wasvalued at $300,000 (its fair market value at the date of thedeath). The Father had originally acquired the land in 1976 for$19,000 and prior to his death had made permanent improvements of$6,000. What is Rons basis in the land?
A- $19,000
B- $25,000
C- $300,000
D- $325,000
A- $19,000
B- $25,000
C- $300,000
D- $325,000