Question

Capital Assets Question 14 of 75. Neelam died, leaving her estate to her cousin, Mary. At the time of her death, Neelam owned a diamond originally purchased by her grandmother, Bertha, for $5,000. When Bertha died, the ring had passed to Tom. At the time of Bertha's death, the ring was worth $10,000. Tom then spent $700 to have the ring ro valued at $13,000 at the time of Tom's death. At the time of Neelam's death, the ring was worth $18,000 the ring is O $18,000 O $13,000 O $10,700 O $5,000 Mark for follow up Question 15 of 75. Tyron purchased his primary residence for $260,000. As part of the closing procedure, he paid $2 origination fee S750 to a lawyer to roin the ninnan manual ARE

Answer 1

In case of assets inheritance, the value of asset is usually equal to the fair market value (FMV) of the property or asset at the time of the decedent's death or when the actual transfer of assets was made.

Hence in this case value of ring shall be $18000

Therefore First option is correct