Joe Jimson died in 2012. Property with an adjusted basis of $60,000 and a fair market value of $120,000 went to Joe's beneﬁciary. fte executor chose the alternate valuation date when the value was $112,000. fte property was distributed four months after Joe's death when the fair market value was $115,000. What is the basis of the property to the beneﬁciary?
A) $60,000
B) $112,000
C) $115,000
D) $120,000

Question

Quizplus · Accepted Answer

If the alternate valuation date is elected and property is distributed before the alternate valuation date, the basis is the value on the date of distribution.

Joe Jimson Died in 2012