Question8 Please

Problem #7 (10 points) Inez's adjusted basis for 2,500 shares of Cardinal, Inc. common stock is $400,000. During the year, she receives a 8% stock dividend. a. What is the amount of Inez's gross income? b. What is Inez's total basis for the stock? c. What is Inez's basis per share? Problem #8 (5 points) 8. Faith inherits an undivided interest in a parcel of land from her father on February 15, 2019. Her father had purchased the land on August 25, 1987 and his basis for the land was $325,000. The fair market value of the land is $1,250,000 on the date of her father's death and is $1,100,000 six months later. The executor elects the alternate valuation date. Faith has nine brothers and sisters and each inherited a one-tenth interest. a. What is Faith's adjusted basis for her one-tenth undivided interest? b. What is her holding period for the land