Faith Inherits an Undivided Interest in a Parcel of Land

Essay

Faith inherits an undivided interest in a parcel of land from her father on February 15,2012.Her father purchased the land on August 25,1985 and his basis for the land was $325,000.The fair market value of the land is $12,500,000 on the date of her father's death and is $11,000,000 six months later.The executor elects the alternate valuation date.Faith has nine brothers and sisters and each inherited a one-tenth interest.