Beverly Bergman purchased land for

$30,000 in 2009. The land was valued at

$180,000 on April 15, 2019, when Beverly died. Her son Jack inherited the land. Six months later, on October 15, 2019, the property was valued at $170,000.

a. What is Jack’s basis in the land?

b. If the executor of Beverly’s estate elected the alternate valuation date, what is Jack’s basis?

c. If the executor elected the alternate valuation date but distributed the property on July 21, 2019, what would be Jack’s basis?

d. If the executor elected the alternate valuation date but distributed the property on November 19, 2019, what would be Jack’s basis?

e. If Jack sells the property on December 22, 2019, will he have short-term or long-term gain or loss?