QUESTION 48

Smith dies on November 26, 2020. His estate includes a home he purchased decades ago which he left to his son John. The adjusted basis of the home to Smith as of his death was $180,000, The value used in the estate tax return for the house was the Fair Market Value on the date of death of $750,000. Three years later John sells the house for $900,000. As a result John has a gain REALIZED of:

		Zero
		$570,000
		$900,000
		$150,000
		None of the above