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Brian Bradley Purchased Property for $50,000 in 2004

Question 53

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Brian Bradley purchased property for $50,000 in 2004. fte property was valued at $200,000 on May 14, 2012, when Brian died. His daughter Anita inherited the property. Six months later, on November 14, 2012, the property was valued at $170,000.
(a.) What is Anita's basis in the property?
(b.) If the executor of Brian's estate elected the alternate valuation date, what is Anita's basis?
(c.) If the executor elected the alternate valuation date but distributed the property on August 18, 2012, what is Anita's basis?
(d.) If the executor elected the alternate valuation date, but distributed the property on December 22, 2012, what is Anita's basis?
(e.) If Anita sells the property on December 27, 2012, will she have short-term or long-term gain or loss?

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(a ) $200,000, the fair market value at ...

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