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Kyrie dies and leaves his son, LeBron, the family farm. The value of the farm as used is $3,000,000. The fair market value of the
Kyrie dies and leaves his son, LeBron, the family farm. The value of the farm as used is $3,000,000. The fair market value of the farm at its highest and best use (supermarket and shopping mall) is $6,000,000. Which of the following statement(s) is/are true regarding a proper IRC Section 2032A election? 1. The value of the land in the gross estate will be less than $3,000,000. 2. LeBron will have to use the farm for 10 years to avoid recapture of the IRC Section 2032A benefit. Kyrie dies and leaves his son, LeBron, the family farm. The value of the farm as used is $3,000,000. The fair market value of the farm at its highest and best use (supermarket and shopping mall) is $6,000,000. Which of the following statement(s) is/are true regarding a proper IRC Section 2032A election? 1. The value of the land in the gross estate will be less than $3,000,000. 2. LeBron will have to use the farm for 10 years to avoid recapture of the IRC Section 2032A benefit. Neither 1 nor 2 Both 1 and 2 1 only 2 only
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Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
978-1285868806, 1285868803, 978-1305691254, 978-1305465640, 1305465644, 978-1285866307
