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As sole heir, Dazie receives all of Marys property (adjusted basis of $1,400,000 and fair market value of $3,820,000). Six months after Marys death in
As sole heir, Dazie receives all of Marys property (adjusted basis of $1,400,000 and fair market value of $3,820,000). Six months after Marys death in 2015, the fair market value is $3,835,000. a. Can the executor of Marys estate elect the alternate valuation date and amount? Explain. b. What is Dazies basis for the property? c. Assume instead that the fair market value six months after Marys death is $3,800,000. Respond to (a) and (b).
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