What was gregory basis in the property

Assignment Help Financial Management

Reference no: EM131925133

In 2007 Gregory L. Grantee received a 50% interest in small ranch property (100 acres) from his grandfather by gift. The grandfather had purchased the property in 1945 just after the war for $14,500. Grandfather wanted Gregory to have the 50% interest in case the government tried to take all of it at the time of his (grandfather's) death. Grandfather died in 2010 when the property was worth $450,000. Gregory did not inherit grandfather's half, but sold his interest in the property in 2012 for $550,000, What was Gregory's basis in the property?

Reference no: EM131925133

Questions Cloud

My first fortune with nothing down : After reading the book, "My First Fortune with Nothing Down," Larry Leverage, is driven to buy an investment property. What is Larry's long term capital gain?

What is the bond price if priced with assumption : What is the bond price if priced with the assumption that the call will be on the first available call? date?

Calculate the corporation weighted average cost of capital : Debt $15,000 Preferred stock 10,000 Equity 75,000 Assume the corporation has a 40% tax rate, Calculate the corporation's weighted average cost of capital.

Consider three period binomial model : Consider three period binomial model (one initial date and two steps) as in class. Price the put option with strike price of $100 using replicating portfolios.

What was gregory basis in the property : Gregory did not inherit grandfather's half, but sold his interest in the property in 2012 for $550,000, What was Gregory's basis in the property?

Addition of road segment to regional road system : Government XYZ is considering the addition of a road segment to the regional road system.

Find the weights for debt-preferred stock and equity : Find the weights for debt, preferred stock and equity.

Compute the standard deviation of the returns : Compute the standard deviation of the returns;

Face value corporate bond-annual coupon rate : Last year Janet purchased $1,000 face value corporate bond with 8% annual coupon rate and 15-year maturity. what rate of return would she earned for past year?

User Account

All Pages