Which of these situations would follow the general rule for basis of inherited property?

Louis died on August 12, 2019, leaving his house to his sister, Etty.

On August 15, 2018, Leroy gave his brother Ralph appreciated stock. Leroy's brother Ralph died on February 16, 2019. Ralph's only heir was Leroy.

Mick died on June 30, 2019. He named his brother Emmett as the beneficiary of his 401(k) plan.

Janet died on January 1, 2019. At that time, she had an IRA with a balance of $32,640. She named her daughter, Emily, as the beneficiary of her IRA.

Answers

Answer 1

Amon the following situation 2 cases follow the general rule for basis of inherited property

Given , Statements of inheritance.

1. Louis died on August 12. 2019 leaving his house to his sister, Etty.

This is a case of inheritance of property as it justifies conditions of the definition of Inheritance of Property i.e Louis died and as a consequence his property is transferred to his sister which is her relative as per law. So, this is a valid case of inheritance. Even a person can transfer his property to some unrelated person, if he so mentions in his will.

2. On August 15, 2018, Leroy give his brother Ralph appreciated stock. Leroy's brother died on February 16, 2019, Ralph's only heir was Leroy.

In this case, transfer of stock from Leroy to Ralph is outside the definition of inheritance, since Leroy was not died at that time. On second instance, when stock was transferred to Leroy after Ralph death in February 2019. It is a case of inheritance but it is the case of inheritance of stock, not inheritance of property. Stock of a company is not considered a property.

3.Mick died on June 30, 2019. He named his brother Emmett as the beneficiary of his 401(k) plan.

A 401(k) plan is a retirement savings account that allows an employee to divert a portion of his or her salary into long-term investments. The employer may match the employee's contribution up to a limit.

This is also a case of inheritance but not the case of inheritence of property. Retirement Savings account is not considered as property.

4.Janet died January 1, 2019. At that time, she had a IRA with balance of $32640. She named her daughter, Emily, as the beneficiary of her IRA.

This is also a case of inheritance but not the case of inheritence of property. IRA (Individual Retirement Account) is not considered as property.

Know more about inheritance of property,

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Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Step-by-step explanation:

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Answer:

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