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What is her recognized gain or loss

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Reference no: EM133015194

Question - Susan inherits a painting which had a basis to the decedent of $42,000 and a fair market value of $34,000 on August 4, 2019, the date of the decedent's death. The executor distributes the painting to Susan on November 12, 2019, at which time the fair market value is $32,500. The fair market value (6 months after date of death) on February 4, 2020, is $32,000. In filing the estate tax return, the executor elects the alternate valuation date. Susan sells the painting on June 10, 2020 for $33,000. What is her recognized gain or loss?

A. $1,000

B. ($1,000)

C. $0

D. $500

Reference no: EM133015194

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