Business, 09.11.2019 04:31, aprilhood4022

Kelly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 on august 4, 2019, the date of the decedent's death. the executor distributes the land to kelly on november 12, 2019, at which time the fair market value is $49,000. the fair market value on february 4, 2020, is $45,000. in filing the estate tax return, the executor elects the alternate valuation date. kelly sells the land on june 10, 2020, for $48,000. what is her recognized gain or loss?
a. ($1,000).
b. ($2,000).
c. ($47,000).
d. $1,000.
e. none of the above.

Answers: 1

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Kelly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 o...