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

question 132

Multiple Choice

Robert and Diane,husband and wife,live in Pennsylvania,a common law state.They purchased land as joint tenants in 2010 for $300,000.In 2014,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 these

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Definitions:

Infant

A baby or small child, usually not yet a year old.

Strange Situation

A procedure developed by psychologist Mary Ainsworth to assess attachment styles in children by observing their reactions to separations and reunions with their caregiver.

Mary Ainsworth

A developmental psychologist known for her work in the field of attachment theory, particularly the Strange Situation assessment.

Theory

A system of ideas intended to explain something, based on general principles independent of the thing to be explained.