In 2002 john acquires property with a fmv of 500000. he, Ask an Expert

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In 2002, John acquires property with a FMV of $500,000. He gifts the property to Jane in 2003 when it has a FMV of $1 million. Jane dies in 2003 and leaves the property to John's wife. What value will be included in Jane's gross estate; what is the basis in the property when John's wife inherits it?

A. $1 million/$1 million

B. $1 million/$500,000

C. $500,000/$1 million

D. $500,000/$500,000

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Basic Finance, Finance

Category:- Basic Finance
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