Joan gives an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies six-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry.What are Mary's and Larry's bases in these assets if they are then sold for their fair market value?
A)Mary = $12,000; Larry = $12,000
B)Mary = $12,000; Larry = $10,000
C)Mary = $10,000; Larry = $12,000
D)Mary = $10,000; Larry = $10,000

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The Answer of Joan gives an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies six-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry.What are Mary's and Larry's bases in these assets if they are then sold for their fair market value?
A)Mary = $12,000; Larry = $12,000
B)Mary = $12,000; Larry = $10,000
C)Mary = $10,000; Larry = $12,000
D)Mary = $10,000; Larry = $10,000

Joan Gives an Asset Valued at $12,000 with a Basis