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QUESTION 20 In the current year, Jane's mother died and willed her a ring. The ring's fair market value at the mother's date of
QUESTION 20 In the current year, Jane's mother died and willed her a ring. The ring's fair market value at the mother's date of death was $20,000. Six months after her death, the ring was worth $22,000. Jane's mother had purchased the ring for $15,000 five year prior to her death. Assuming the estate's executor did not make a special election, what is Jane's basis in the ring? $20,000 $0 $15,000 $22,000
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