Reference no: EM13150524
Jan dies in 2009 owning a passive activity with an adjusted basis of $60,000. Its fair market value at that date is $65,000. Suspended losses relating to the property were $15,000. Which of the following statements is true?
a. The heir's adjusted basis is $65,000, and Jan's final deduction is $10,000.
b. The heir's adjusted basis is $65,000, and Jan's final deduction is $15,000.
c. The heir's adjusted basis is $60,000, and Jan's final deduction is $15,000.
d. The heir's adjusted basis is $80,000, and Jan has no final deduction.
e. None of the above.
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