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On January 10, 2011, Martin Mayne bought 3,000 shares of Hance Corporation stock for $300,000. The fair market values of this stock on the following dates were as follows:
Martin died on December 31, 2013, bequeathing this stock to his son, Philip. The stock was distributed to Philip on March 31, 2014. The alternate valuation was elected for Martin’s estate. Philip’s basis for this stock is A. $300,000 B. $210,000 C. $270,000 D. $240,000 |