Polly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2020, the date of the decedent's death. The executor distributes the land to Polly on November 12, 2020, at which time the fair market value is $49,000. The fair market value on February 4, 2021, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Polly sells the land on June 10, 2021, for $48,000. What is her recognized gain or loss
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Polly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 o...
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