1) a) Emma died owning real estate with a value of $500,000. Emma received the property in 1993 as a gift from her mother, Charlotte. At the time of the gift, the property was worth $250,000. Charlotte purchased the property in 1990 for $180,000. Upon Emma's death the property passes through inheritance to jane. No estate tax return is due or files. Which of the following is TRUE about the basis of the property?

- Emma's basis in the property before her death is $180,000, and Jane's basis in the property in $500,000

- Emma's basis in the property before her death is $250,000 and Jane's basis is $250,000

- None of the above

b) For the tax year, Emma's partnership reported $68,000 ordinary loss and $30,000 increase in recourse liabilities for which the partners are liable. Anne, a 50% owner, had an adjusted basis of $20,000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis in the partnership at the end of the year?

- Allowable loss $19,000, Adjusted basis$1,000

- Allowable loss $20,000, Adjusted basis $0

- Allowable loss $34,000, Adjusted basis $0

- Allowable loss $34,000, Adjusted basis$1,000

c) Which of the following oes NOT increase the partnership's tax capital account?

- Money contributed by the partner to the partnership

- Money distributed by the partnership to the partner

- the partner's distributive share of the partnership's taxable income and gain

d)Which of the following is NOT a separately-stated item on Form 1065

- Section 179 expense deduction

- Profit (loss) from farming

- Net capital gain (loss)

e) A decedent died on May 31,2015. Her executor elects to use the alternate valuaation date. On September 1, 2015 the executor sells the decedent's home. For purposes of valuing the home, which date should be used?

- May 31,2015

- Sep 1, 2015

- Nov 30,2015

-April 18, 2016