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Ilya [14]
3 years ago
7

Tobin inherited 100 acres of land on the death of his father in 2019. A Federal estate tax return was filed and the land was val

ued at $300,000 (its fair market value at the date of the death). The father had originally acquired the land in 1976 for $19,000 and prior to his death had made permanent improvements of $6,000. What is Tobin's basis in the land
Business
1 answer:
Margarita [4]3 years ago
4 0

Answer:

Tobin's basis in the land is $300,000.

Explanation:

Since return was filed and the land was valued at $300,000 which was the fair market value at the time of death. then, Tobin's basis in the land is $300,000.

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