Essay
Ed and Cheryl have been married for 27 years. They own land jointly with a basis of $300,000. Ed dies in 2014, when the fair market value of the land is $500,000. Under the joint ownership arrangement, the land passed to Cheryl.
a. If Ed and Cheryl reside in a community property state, what is Cheryl's basis in the land?
b. If Ed and Cheryl reside in a common law state, what is Cheryl's basis in the land?
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