Henrietta and Hollis have been married for 10 years when Hollis dies in a sky-diving accident.Their assets are summarized below. Henrietta and Hollis reside in Wisconsin, a community property state.All of the assets were acquired with community funds and pass to Henrietta.Her basis for each of the assets becomes:
Car House Cash from life insurance proceeds
A)$20,000 $150,000 $ 10,000
B)$17,500 $175,000 $ 10,000
C)$17,500 $175,000 $100,000
D)$15,000 $200,000 $100,000
E)None of the above.

Question

Henrietta and Hollis have been married for 10 years when Hollis dies in a sky-diving accident.Their assets are summarized below.  Henrietta and Hollis reside in Wisconsin, a community property state.All of the assets were acquired with community funds and pass to Henrietta.Her basis for each of the assets becomes:
Car House Cash from life insurance proceeds
A)$20,000 $150,000 $ 10,000 
B)$17,500 $175,000 $ 10,000 
C)$17,500 $175,000 $100,000 
D)$15,000 $200,000 $100,000 
E)None of the above.

Quizplus · Accepted Answer

The Answer of Henrietta and Hollis have been married for 10 years when Hollis dies in a sky-diving accident.Their assets are summarized below.  Henrietta and Hollis reside in Wisconsin, a community property state.All of the assets were acquired with community funds and pass to Henrietta.Her basis for each of the assets becomes:
Car House Cash from life insurance proceeds
A)$20,000 $150,000 $ 10,000 
B)$17,500 $175,000 $ 10,000 
C)$17,500 $175,000 $100,000 
D)$15,000 $200,000 $100,000 
E)None of the above.

Henrietta and Hollis Have Been Married for 10 Years When