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What would the basis have been to Evelyn

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Reference no: EM132411970

Question - Evelyn Everest gave property to her mother Sharon when the adjusted basis of the property was $12,000 and the fair market value was $80,000. Sharon died eight months later when the property was valued at $85,000 and she left the property to Evelyn.

a. What is Evelyn's basis?

b. If Sharon had died more than a year after receiving the gift when the fair market value was $85,000, what would the basis have been to Evelyn?

Reference no: EM132411970

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