Multiple Choice
Robert and Diane, husband and wife, live in Pennsylvania, a common law state.They purchased land as joint tenants in 2015 for $300,000.In 2019, 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) $375,000
C) $450,000
D) $750,000
Correct Answer:
Verified
Correct Answer:
Verified
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