60.1K

Verified Solution

Link Copied!

Question 12 of 50. Doris owned a diamond necklace that was originally purchased by her grandmother, Frieda, for $4.500. When Frieda died, the necklace was worth $11,600 and had passed to Doris father, William, William spent 5825 to have the chain repaired. It was valued at $14,875 at the time of William's death, when Doris inherited it. Doris died leaving her estate to her cousin, Rose. At the time of Doris' death, the necklace was worth $17,935. Rose's basis in the necklace is O $4,500 O $12,425 O $14,875 $17,935 Mark for follow up Question 13 of 50. Juan inherited 75 shares of STU stock from his father on April 16, 2018 and sold the stock on July 5, 2018. (There is no alternate valuation date.) The stock basis reported on Form 8949 is the O Average of the basis on April 16, 2018, and on July 5, 2018. Fair market value for the stock on the day of his father's death. O Price paid by his father when the stock was acquired. O Stock price six months before his father died. Mark for follow up Question 14 of 50. Which of the following items is NOT added to the original basis to arrive at the adjusted basis of a home? O Assessments for local improvements. The cost of improvements. The cost of restoration after a casualty minus the insurance reimbursement. The total amount of a casualty loss. Mark for follow up Question 15 of 50. If the fair market value (FMV) of gifted property on the date of the gift is less than the donor's adjusted basis, then the basis used to calculate gain is the O Donor's adjusted basis on the date of the gift, plus or minus any required adjustment to basis while the property was held by the donee. O Donor's purchase price. L . He

Answer & Explanation Solved by verified expert

See Answer