Question
In 1990, Michael purchased land for $100,000. In 2020, when the land had an FMV of $200,000, he gifted the land to his son Misha.
In 1990, Michael purchased land for $100,000. In 2020, when the land had an FMV of $200,000, he gifted the land to his son Misha. Michael died in 2023 when the land had a FMV of $300,000. What is Misha's basis in the land?
Group of answer choices
none of the above
$300,000
$100,000
$200,000
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College Accounting Chapters 1-30
Authors: David Haddock, John Price, Michael Farina
16th Edition
1260247902, 978-1260247909
