Question

Tobin inherited 100 acres of land on the death of his father in 2018. 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 1975 for $19,000 and prior to his death had made permanent improvements of $6,000. What is Tobin’s basis in the land?

Group of answer choices

$19,000

$325,000

$300,000

$25,000

None of the above

Answer 1

Soluctibns Gwen data fedeha estate ter Teteuxn u fites salued at § 30o, oD. land was aud tae he fathee had ginally acquires tho land in s fos $000. And pior to is death had nade permane fo przvemeuts of 6000 Since return was fied and the laud wai at 2000Od which ase far mare Valued time of death at he alue The Conret option