Which of the following is incorrect? a. The basis of inherited property usually is its...
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Accounting
Which of the following is incorrect? a. The basis of inherited property usually is its fair market value on the date of the decedents death. b. The alternate valuation provision is elective. c. If the alternate valuation date is elected by the executor of the estate, any assets distributed during the 6-month period are valued as of the distribution date. d. Inherited property is always treated as short-term property.
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