Multiple Choice
Robert and Diane, husband and wife, live in Pennsylvania, a common law state.They purchased land as joint tenants in 2008 for $300,000.In 2012, 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.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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