Art and Melinda have always lived in a community property state.At the time of Art's prior death,they held land that cost them $500,000 but was valued as follows.

Under Art's will,his half of the land passes to their daughter,Matilda.What income tax basis will Melinda and Matilda have in the land,if Art's estate:
a.Elects the alternate valuation date of § 2032?
b.Does not elect the alternate valuation date of § 2032?

Question

Art and Melinda have always lived in a community property state.At the time of Art's prior death,they held land that cost them $500,000 but was valued as follows.
  
Under Art's will,his half of the land passes to their daughter,Matilda.What income tax basis will Melinda and Matilda have in the land,if Art's estate: 
a.Elects the alternate valuation date of § 2032?
b.Does not elect the alternate valuation date of § 2032?

Quizplus · Accepted Answer

The Answer of Art and Melinda have always lived in a community property state.At the time of Art's prior death,they held land that cost them $500,000 but was valued as follows.
  
Under Art's will,his half of the land passes to their daughter,Matilda.What income tax basis will Melinda and Matilda have in the land,if Art's estate: 
a.Elects the alternate valuation date of § 2032?
b.Does not elect the alternate valuation date of § 2032?

Art and Melinda Have Always Lived in a Community Property