Robert and Diane,husband and Wife,live in Pennsylvania,a Common Law State

question 4

Multiple Choice

Robert and Diane,husband and wife,live in Pennsylvania,a common law state.They purchased land as joint tenants in 2011 for $300,000.In 2015,Diane dies and bequeaths her share of the land to Robert.The land has a fair market value of $450,000.What is Robert's adjusted basis for the land?

• A)$300,000
• B)$375,00
• C)$450,000
• D)$750,000
• E)None of the above

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