Multiple Choice
Robert and Diane, husband and wife, live in Pennsylvania, a common law state. They purchased land as joint tenants in 2013 for $300,000. In 2017, 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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