Tobin inherited 100 acres of land on the death of his father in 2014.A Federal estate tax return was filed and the land was valued at $300,000 (its fair market value at the date of the death).The father had originally acquired the land in 1971 for $19,000 and prior to his death had made permanent improvements of $6,000.What is Tobin's basis in the land?
A)$19,000
B)$25,000
C)$300,000
D)$325,000
E)None of these

Question

Quizplus · Accepted Answer

The basis of the property is its fair market value at the date of the death.

Tobin Inherited 100 Acres of Land on the Death of His