USE THE FOLLOWING INFORMATION FOR PROBLEMS 9 THROUGH 16 An estate distributes an asset to its sole Income beneficiary. The distribution was not a specific bequest. The basis of the asset to the estate is $1,000, and the asset's fair market value is $5,000. Distributable net income of the estate is $9,500. No other distributions are made, nor was an election made by the fiduciary with respect to this distribution. 13. 14. If the distribution was made in lieu of a specific bequest of $9,000 cash, the gain recognized to the estate due to the distribution, if the executor did not elect to recognize gain or loss on the distribution is: a. b. c. d. $0. $1,600 (after the 60% net long-term capital gain deduction). $4,000. $5,000. If the distribution was made in lieu of a specific bequest of $9,000 cash, the gain recognized by the beneficiary due to the distribution, if the executor did not elect to recognize gain or loss on the distribution is: a. b. $0. $4,000. C. $5,000. d. $9,500. 15. - If the fair market value of the property is $500, rather than $5,000, the estate's distribution deduction, and the beneficiary's taxable income, from the distribution is: a. $ 500. $1,000. b. C. $4,000. d. $5,000. 8. $9,500. - 16. If the fair market value of the property was $5,000, but the distributable net income was only $400, the estate's distribution deduction, and the beneficiary's taxable Income, from the distribution is: 8. $ 400. b. $ 500. C. $1,000. d. $4,000. e. $5,000.