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Trent sold his residence to Chester on May 1, 2019, for $400,000. Trent paid the total property taxes for 2019 of $8,000. Of the $8,000
Trent sold his residence to Chester on May 1, 2019, for $400,000. Trent paid the total property taxes for 2019 of $8,000. Of the $8,000 of property taxes for the year, $3,000 occurred during the period when Trent owned the residence . What is Chester's basis in the residence? a)$ 395,000 b)$ 400,000 c)$ 403,000 d)$ 405,000
a)$ 395,000
b)$ 400,000
c)$ 403,000
d)$ 405,000
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