Based on United States Federal taxes

QUESTION 11 Hallie bought stock in Nolan, Inc., for $35,000 in 2004. She died on Jan. 5. 2021 when the stock was worth $100,000. The stock was worth $90,000 on July 5, 2021. It was distributed to Hallie's sister Betty in accordance with her will on August 3, 2021 at which time it was worth $88,000. The executor of Hallie's estate made the "alternate valutation election." What basis will Betty have in the stock? O $35,000. $100,000. 0 $90,000 $88,000. QUESTION 12 Kyle gave Ronnie a gift of stock in 2021. Kyle's basis in it was $22,000 and it was worth $30,000 at the time of the gift. Ronnie sold it for $27,000. How much gain or loss will he have on the sale? O Zero. $5,000 gain. O $8,000 gain. $3,000 loss