Jamahl and Indira Are Married and Live in a Common

question 1795

Multiple Choice

Jamahl and Indira are married and live in a common law state. They jointly own real property with an adjusted basis of $200,000. When the property has a FMV of $450,000, Jamahl dies leaving all of the property to Indira. If she later sells the property for $700,000, what is Indira's gain on the sale?

• A) $500,000
• B) $375,000
• C) $250,000
• D) $475,000

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