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Bob Daniels and his brother, Jack, own a parcel of rental real estate as tenants in common. They inherited the property from their grandmother, who specified in her will that Bob was to have a $60\%$ ownership interest and Jack the remaining $40\%.$ The property generated an income of $$10,000$ last year. Since Jack was unemployed, Bob let Jack keep the entire $$10,000.$ The property was worth $$100,000$ when Bob and Jack inherited it and is now worth $$120,000.$ Their grandmother's basis in the property was $$30,000.$ Bob recently died.

Which of the following are CORRECT statements concerning the income tax implications of this form of property ownership and these transactions?

Jack's basis in the property after Bob's death is $$100,000.$

Bob's fiduciary must report $$6,000$ of income from this property for last year.

Jack must report $$10,000$ of income from this property for last year.

Jack's basis in the property after Bob's death is $$40,000.$

Which one of the following is a correct statement regarding this trust?

A$)$

The income of this trust will be taxable to John, as his spouse has retained a reversionary interest that exceeds $5\%$ of the value of the trust at its creation.

B$)$

The income will be taxed to the trust until distributed, and to the recipients upon distribution.

C$)$

The income of this trust will be taxable to John because he has retained the power to revoke the trust.

D$)$

At least one$-$third of the income of this trust will be taxable to John even though he will never receive it$.$

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