Taylor inherited 100 acres of land on the death of his father in 2020. A Federal estate tax return was filed and this land was valued in the return at $650,000, its fair market value at the date of the father's death. The father acquired the land in 1974 for $112,000. Prior to his death, he had expended $20,000 on permanent improvements. Taylor's holding period for the land: a. Will automatically be long term. b. Will begin with the date of his father's death. c. Will begin with the date the property is distributed to him. d. Will begin with the date his father acquired the property.
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Taylor inherited 100 acres of land on the death of his father in 2020. A Federal estate tax return w...
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