What should amanda say to orellys about the timing impact

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Reference no: EM132023258

TAX ACCOUNTING QUESTION NEEDED FOR TEST!

Orellys seeks advice from her tax attorney Jesica. Orellys states that her aunt Melissa informed her that she would like to give her a parcel of land that she purchased 20 years ago for $130,000. Melissa can make the gift while she is alive or at the time of her death. The land is currently worth $1,400,000.

If we assume that the value of the land will remain the same (i.e. $1,400,000), what should Amanda say to Orellys about the timing impact of the gift or inheritance?

Reference no: EM132023258

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