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Fred and Pearl always have lived in a community property state. At the time of Fred's prior death, they held stock that cost them $600,000 but was valued as follows. Under Fred's will, his half of the stock passes to their daughter, Brandi. What income tax basis will Pearl and Brandi have in the stock, if Fred's estate:
a. Elects the alternate valuation date?
b. Does not elect the alternate valuation date?
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