Question 14-26

c. $45,000 of Inherited Property. D inherited two acres of commercial real estate from her grandmother, who had a basis in the property of $52.000, when it had a fair marke value of $75,000. For estate tax purposes, the estate was valued as of the date ol death, and estate and inheritance taxes of $8,250 were paid by the estate on this parcel of real estate. a. How much gain or loss will be realized by D if she sells the property for $77 b. What would be your answer if the sale price were $66,000 the property for $7.00 futher. The