property is inherited by a taxpayer, a.To the recipient, the basis for the property is the same as the basis to the decedent. b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. d.In general, the basis to the recipient is the fair market value at the decedent's date of death.
property is inherited by a taxpayer, a.To the recipient, the basis for the property is the same as the basis to the decedent. b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. d.In general, the basis to the recipient is the fair market value at the decedent's date of death.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 9P
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Question
If property is inherited by a taxpayer,
a.To the recipient, the basis for the property is the same as the basis to the decedent.
b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss.
c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year.
d.In general, the basis to the recipient is the fair market value at the decedent's date of death.
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