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Suzette inherited property from her father on April 19, 2020. The FMV at the date of death was $51,600. The property was worth $44,600 six
Suzette inherited property from her father on April 19, 2020. The FMV at the date of death was $51,600. The property was worth $44,600 six months later and had a basis to her father of $34,000. Required: a. What is the basis of the inherited property to Suzette (1) If the alternate valuation date was not elected? (2) If this property qualifies for using the alternate valuation date? b. Assuming that Suzette sold the property on November 1, 2020, for $59,000, what are the amount and nature of the gain (1) If the alternate valuation date was not elected? (2) If this property qualifies for using the alternate valuation date
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