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Your rich uncle Bob has learned he is terminally ill. He has a piece of...

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Accounting

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Your rich uncle Bob has learned he is terminally ill. He has a piece of land that is now worth $1,000,000 that he has a tax basis in of only $100,000. He wants you to have the land. Since you are taking this course, he is asking you to decide from a tax standpoint whether he should go ahead and give it to you before he dies, or let you inherit it upon his death. What will your basis be in the property if you recive it by gift? if by inheritance? So how do you prefer that you receive it. Either way, he will die within the next two weeks. You plan to sell the property because Home Depot has already indicated that they want to buy it to build a new Home Depot on it

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