Multiple Choice
Tobin inherited 100 acres of land on the death of his father in 2016.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) .The father had originally acquired the land in 1973 for $19,000 and prior to his death had made permanent improvements of $6,000.What is Tobin's basis in the land?
A) $19,000
B) $25,000
C) $300,000
D) $325,000
E) None of the above
Correct Answer:

Verified
Correct Answer:
Verified
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