Kelly Inherits Land Which Had a Basis to the Decedent

Multiple Choice

Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2012, the date of the decedent's death.The executor distributes the land to Kelly on November 12, 2012, at which time the fair market value is $49,000.The fair market value on February 4, 2013, is $45,000.In filing the estate tax return, the executor elects the alternate valuation date.Kelly sells the land on June 10, 2013, for $48,000.What is her recognized gain or loss?

A) ($1,000) .
B) ($2,000) .
C) ($47,000) .
D) $1,000.
E) None of the above.