Carlos inherits 100 shares of Allied Corporation stock from his father. The stock cost his father $8,000

Question:

Carlos inherits 100 shares of Allied Corporation stock from his father. The stock cost his father $8,000 and had a $25,000 FMV on the date of his father’s death in 2016. The alternate valuation date was not elected. What is Carlos’s tax basis for the Allied stock when it is received from the estate?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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