Evelyn Everest gave a property to her mother Sharon whose adjusted basis was $12,000 and...
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Accounting
Evelyn Everest gave a property to her mother Sharon whose adjusted basis was $12,000 and the fair market value was $80,000. Sharon died 8 months later when the property was valued at $85,000 and she left the property to Evelyn.
a. What is Evelyns basis?
b. If Sharon had died more than a year after receiving the gift when the fair market value was $85,000, what would the basis had been to Evelyn?
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