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Brian Bradley purchased property for $50,000 in 2008. The value of the property was $200,000. on May 14, 2019 when Brian died. His daughter Anita

  1. Brian Bradley purchased property for $50,000 in 2008. The value of the property was $200,000. on May 14, 2019 when Brian died. His daughter Anita inherited the property. Six month's later on November 14, 2019, the property was valued at $170,000.
  1. ) What is Anita's basis in the property?
  2. ) If the executor of Brian's estate elected the alternate valuation date, what is Anita's basis?
  3. ) If the executor elected the alternate valuation date but distributed the property on August 18, 2019, what is Anita's basis?
  4. ) If the executor elected the alternate valuation date but distributed the property on December 22, 2019, what is Anita's basis?
  5. ) If Anita sells the property on December 27, 2019, will she have a long term or short term gain or loss?

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