As sole heir, Dazie receives all of Mary's property (adjusted basis of $10,400,000 and fair...
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Accounting
As sole heir, Dazie receives all of Mary's property (adjusted basis of $10,400,000 and fair market value of $13,820,000). Six months after Mary's death in 2018, the fair market value is $13,835,000.
a. Assuming an estate return is filed, can the executor of Mary's estate elect the alternate valuation date and amount?
b. Dazie's basis for the property is $. ___________
c. Assume instead that the fair market value six months after Mary's death is $13,800,000. Assuming an estate return is filed, can the executor of Mary's estate elect the alternate valuation date and amount?
d. Dazie's basis for the property is $._________
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