Joe Jimson Died in 2012

Multiple Choice

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