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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

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Answer #1

In the given question the fair market value basis will be considered to determine the value of inheritance.

The basis of inheritance would be the fair market value of 90,000.

Explanation :-

In case if inheritance of any property, their is always considered the fair market value basis. In fair market value basis, on the date of inheritance the market value of such property (which is to be inherited) would be considered for the income tax purposes.

So, in the given case of 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.

The stock fair market value of 90,000 would be considered.

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