Kyrie dies and leaves his son, LeBron, the family farm. The value of the farm...
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Accounting
Kyrie dies and leaves his son, LeBron, the family farm. The value of the farm as used is $3,000,000. The fair market value of the farm at its highest and best use (supermarket and shopping mall) is $6,000,000. Which of the following statement(s) is/are true regarding a proper 2032A election?
1. The value of the land in the gross estate will be less than $3,000,000.
2. LeBron will have to use the farm for 10 years to avoid recapture of the 2032A benefit.
a. 1 only.
b. 2 only.
c. Both 1 and 2.
d. Neither 1 nor 2.
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