What is the basis of inherited IRD items to the beneficiary?
What will be an ideal response?
If an item is considered IRD, its basis carries over from the decedent to the beneficiary.
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Juan's business delivery truck is destroyed in an accident. He paid $40,000 for the truck, and $30,000 of depreciation has been deducted during its period of use. The insurance company pays Juan $32,000 due to the accident. What is the minimum amount that Juan must spend on a new truck to avoid any gain recognition?
A. $10,000 B. $32,000 C. $40,000 D. $22,000
Before engaging his management team in the selection process for a new head of human resources, the CEO reduced the list of candidates to include only those applicants the CEO found acceptable. The CEO is implementing the political strategy of
A. relying on objective information. B. emphasizing status inconsistency. C. being irreplaceable. D. controlling the agenda. E. overlapping authority.
The terms of a will currently undergoing probate are: "A gift to my brother David of $25,000 cash; to my son James, $50,000 from my Harbor Savings Bank account; and to my daughter Lila, all of my remaining property." At the time of death, the balance in the savings account was $40,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $70,000.The decedent resided in a state that treats a demonstrative legacy shortfall as a general legacy. How much would James have received from the estate?
A. $45,000. B. $30,000. C. $25,000. D. $40,000. E. $50,000.
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