Question

If inherited property from your parents, what would be your basis? For instance, if you inherited...

If inherited property from your parents, what would be your basis?

For instance, if you inherited a stock and your mom did not have a basis but the FMV value is $100,000. What would be your basis?
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

When any person Receive property as inherent then such property will not going to taxable in hands of receiver.

However such property will taxable in hands of receiver when such property will sale by him, the basis for calculating cost of aqusition of such property is fair market value of such property to the previous owner.

So when son sale such property the for the purpose of calculating capital gain cost of acquisition will be fair market value in hands of parents that is $100000

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
If property is inherited by a taxpayer, a. To the recipient, the basis for the property...
If property is inherited by a taxpayer, a. To the recipient, the basis for the property is the same as the basis to the decedent. b. At the sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. c. At the sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. d....
mary jones inherited a piece of property from her uncle felix. the stock had an adjusted...
mary jones inherited a piece of property from her uncle felix. the stock had an adjusted basis of 20,000 on the date of uncle felixs death and a fair market vale of 90,000. What is Marys basis in the inheritance
Many traits can be inherited from your parents; the ability to taste a chemical called PTC...
Many traits can be inherited from your parents; the ability to taste a chemical called PTC is no exception. When you try it, you may have an extreme bitter taste in your mouth, mildly bitter, or you may taste nothing at all. Your genotype is what determines this outcome. The ability to taste PTC is dominant (T) to the alleles for nontasting which are recessive (t). If a student walks into class and is told to try PTC and then...
Suppose Joe contributes land (basis = $40,000, FMV = $50,000) to a partnership in exchange for...
Suppose Joe contributes land (basis = $40,000, FMV = $50,000) to a partnership in exchange for a partnership interest and three years later the partnership distributes the land to Susan (at the time of the distribution the land’s basis = $40,000, and FMV = $70,000). The land is a capital asset to Joe and the partnership, but an ordinary asset to Susan. Joe and Susan are both partners in the partnership. If Joe owns 25% and Susan owns 60% of...
What is one instance where you think linear regression would be useful to you in your...
What is one instance where you think linear regression would be useful to you in your workplace or chosen major? Please describe including why and how it would be used
You have inherited $25,000 and wish to purchase an ordinary annuity that will provide you with...
You have inherited $25,000 and wish to purchase an ordinary annuity that will provide you with a steady income over the next 12 years. You have heard that the local savings and loan association is currently paying 6% compound interest on an annual basis. If you were to deposit your funds, what year-end equal-dollar amount would you be able to withdraw annually such that you would have a zero balance after your last withdrawal 12 years from now? [10 pts]
How did your parents influence the development of your personal constructs? Which constructs did you acquire...
How did your parents influence the development of your personal constructs? Which constructs did you acquire from them and which have you discovered yourself?
. Do you know anyone you would consider to be a “hypochondriac”? What is the basis...
. Do you know anyone you would consider to be a “hypochondriac”? What is the basis of your opinion? Did reading the text change your view?
Probability: Think of an instance in your life in the past week where you used probability...
Probability: Think of an instance in your life in the past week where you used probability to make a risky decision. How did you eventually come to make that decision, and what role did the chance of one particular thing happening have on making that decision?
Probability: Think of an instance in your life in the past week where you used probability...
Probability: Think of an instance in your life in the past week where you used probability to make a risky decision. How did you eventually come to make that decision, and what role did the chance of one particular thing happening have on making that decision?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT