Brian Bradley purchased property for $50,000 in 2008. The property was valued at

Question

Brian Bradley purchased property for $50,000 in 2008. The property was valued at $200,000 on May 14th, 2016, when Brian died. His daughter, Anita, inherited the property. Six months later, on November 14th, 2016, the property was valued at $170,000.
A. What is Anita's basis in the property?
B. If the executor of Brian's estate elected the alternate valuation date, what is Anita's basis?
C. If the executor elected the alternate valuation date, but distributed the property on August 18th, 2016, what is Anita's basis?
D. If the executor elected the alternate valuation date, but distributed the property on December 22nd, 2016, what is Anita's basis?
E. If Anita sells the property on December 27th, 2016, will she have short-term or long-term gain or loss?
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Explanation / Answer

A, Anita's basis in the property is purchase codt $ 50000 ( Original cost of his father)

B. if the executer estate the alternate of valuation of the property than anita;s basis in property is fair market value of ther property on the date death 14th may 2016 $ 200000

C. If Property Distributed on 14th august anita's basis in property is fair market value on 14th may $200000

D. Anita's basis in property is distributed on 22nd december is faie market value is on 14 november is $ 170000

E. if anita sale the property on 27th december than she will have long term capital gain because property is held for more than 36 month because property is inherited from her father hense holding period of the property is counted from the date of original purchase date to the date of sale of the property

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