Karen makes the following purchases and sales of stock:
Transaction Date Number of Shares Company Price per Share
Purchase 1-1-2011 300 MDG $ 75
Purchase 6-1-2011 150 GRU 300
Purchase 11-1-2011 60 MDG 70
Sale 12-3-2011 200 MDG 80
Purchase 3-1-2012 120 GRU 375
Sale 8-1-2012 90 GRU 330
Sale 1-1-2013 150 MDG 90
Sale 2-1-2013 75 GRU 500
Assuming that Karen is unable to identify the particular lots that are sold with the original purchase, what is the recognized gain or loss on each type of stock as of the following dates?
65. Helene and Pauline are twin sisters who live in Louisiana and Mississippi, respectively, Helene is married to Frank, and Pauline is married to Richard. Frank and Richard are killed in an auto accident in 2013 while returning from a sporting event. Helene and Frank jointly owned some farmland in Louisiana (value of $940,000, cost of $450,000). Pauline and Richard jointly owned some farmland in Mississippi (value of $940,000, cost of $450,000).Assume that all of Frank’s and Richard’s property passes to their surviving wives.
a. Calculate Helene’s basis in the land.
b. Calculate Pauline’s basis in the land.
c. What causes the difference?