Tobin inherited 100 acres of land on the death of his father in 2018. a federal estate tax return was filed and the land was valued at $300,000 (its fair market value at the date of the death). the father had originally acquired the land in 1975 for $19,000 and prior to his death had made permanent improvements of $6,000. what is tobin’s basis in the land?

Miller mfg. is analyzing a proposed project. the company expects to sell 14,300 units, plus or minus 3 percent. the expected variable cost per unit is $15 and the expected fixed cost is $35,000. the fixed and variable cost estimates are considered accurate within a plus or minus 3 percent range. the depreciation expense is $32,000. the tax rate is 34 percent. the sale price is estimated at $19 a unit, give or take 3 percent. what is the net income under the worst case scenario?