Multiple Choice
Robert and Diane,husband and wife,live in Pennsylvania,a common law state.They purchased land as joint tenants in 2006 for $60,000.In 2010,Diane dies and bequeaths her share of the land to Robert.The land has a fair market value of $88,000.What is Robert's adjusted basis for the land?
A) $88,000.
B) $74,000.
C) $60,000.
D) $30,000.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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