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What ken basis in the stock is

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Reference no: EM132827684

Harvey died on November 7, Year 1, leaving his entire $2 million estate to his brother, Ken. Harvey's executor validly elected the alternate valuation date. Harvey's estate included 1,000 shares of Morbid stock for which Harvey's basis was $77,500. The stock was distributed to Ken on July 7, Year 2.

The FMV of this stock over the 8 months following Harvey's death was as follows:

November 7, Year 1 = $85,000
May 7, Year 2 = $92,500
July 7, Year 2 = $94,500

Problem 1: Ken's basis in this stock is:

Reference no: EM132827684

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