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Molly and Michael. Uncle Joe passed away in 1975 and the house passed to Aunt Millie. When Aunt Millie passed away on April 15 th
- Molly and Michael. Uncle Joe passed away in 1975 and the house passed to Aunt Millie. When Aunt Millie passed away on April 15th, 2022, her will stated that the house would go to her chidren to be shared equally. Molly and Michael decided amicably to sell the house and split the gain. The house was appraised at $1,500,000 at the date of Aunt Millies passing. Uncle Joe did have the roof replaced in 1970 for $6,000.
- What is the original basis for the house?
- What is the adjusted basis for the house?
- What is the cost basis to Molly and Michael?
- What is the realized gain and recognized gain to Molly and Michael?
- What tax consequences, if any, to Molly and Michael?
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Operational Auditing A Complete Guide Practical Tools For Self Assessment
Authors: The Art Of Service Operational Auditing Publishing
2021 Edition
1867442043, 978-1867442042
