Question

Tobin inherited 100 acres of land on the death of his father this year. 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). Tobin's father originally acquired the land years ago for $19,000 and prior to his death made permanent improvements of $6,000. What is Tobin's basis in the land

Answer 1

The basis of Tobin's land was stepped up or down to the fair market value, and that value was $3,00,000.

What is inherited property?

When a death happens in a year, the ground of the property is travelled up or downbound to the fair market value on the day of death if there is an inheritance case.

The process of property to a successor or heirs upon the death of the owner, often known as succession. The term “inheritance” besides refers to the property.

Tobin has inherited a property from his father, that died in the present year, and the sightly market value on the date of death, according to the federal estate tax return, is $3,00,000. Tobin's basis in land is $3,00,000.

Learn more about the Federal estate, refer to:

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