(SOLVED) Tyneka inherited 1 000 shares of Aqua Inc stock

from Joe
Tyneka inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe’s basis was $35,000, and the
fair market value on July 1, 2014 (the date of death), was $45,000. The shares were distributed
to Tyneka on July 15, 2014. Tyneka sold the stock on July 30, 2015, for $33,000. After […]

Sheila sells land to Elane, her sister, for the fair market value of $40,000. Six months later when
the land is worth $45,000, Elane gives it to Jacob, her son. (No gift tax resulted.) Shortly
thereafter, Jacob sells the land for $48,000. a. Assuming that Sheila’s adjusted basis for the […]

Dan bought a hotel for $2,600,000 in January 2010. In May 2014, he died and left the hotel to
Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value
in May 2014 was $2,800,000. The fair market value six months later was $2,850,000. a. […]

As sole heir, Dazie receives all of Mary’s property (adjusted basis of $1,400,000 and fair
market value of $3,820,000). Six months after Mary’s death in 2014, the fair market value is
$3,835,000. a. Can the executor of Mary’s estate elect the alternate valuation date and
amount? Explain. b. What is […]

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On September 18, 2014, Gerald received land and a building from Frank as a gift. Frank’s
adjusted basis and the fair market value at the date of the gift are as follows: No gift tax was
paid on the transfer. a. Determine Gerald’s adjusted basis for the land and building. […]

Simon owns stock that has declined in value since acquired. He has decided either to give the
stock to his nephew, Fred, or to sell it and give Fred the proceeds. If Fred receives the stock, he
will sell it to obtain the proceeds. Simon is in the 15% tax […]

If a taxpayer sells property for cash, the amount realized consists of the net proceeds from the
sale. For each of the following, indicate the effect on the amount realized: a. The property is
sold on credit. b. A mortgage on the property is assumed by the buyer. c. A […]

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