Mr. Norm Norten dies in July, 2020. At the time of his death, he owned two backhoes that were used in his construction business. His will leaves one backhoe to his spouse, Linda, with the other backhoe going to his daughter, Mary. The backhoes cost $180,000 each and each had a fair market value at the time of Mr. Norten's death of $122,000. The UCC balance for the class that contains the backhoes is $148,000. What are the tax consequences resulting from Mr. Norten's death with respect to the two backhoes? Your answer should include the capital cost and UCC for the backhoes in the hands of Linda and Mary.

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The Answer of Mr. Norm Norten dies in July, 2020. At the time of his death, he owned two backhoes that were used in his construction business. His will leaves one backhoe to his spouse, Linda, with the other backhoe going to his daughter, Mary. The backhoes cost $180,000 each and each had a fair market value at the time of Mr. Norten's death of $122,000. The UCC balance for the class that contains the backhoes is $148,000. What are the tax consequences resulting from Mr. Norten's death with respect to the two backhoes? Your answer should include the capital cost and UCC for the backhoes in the hands of Linda and Mary.

Mr Norm Norten Dies in July, 2020