Betty and Peter bought a home for $800,000 to be used as their residence. Betty paid $560,000
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Betty and Peter bought a home for $800,000 to be used as their residence. Betty paid $560,000 and Peter paid $240,000. When Betty died in January of 2020, the Fair Market Value (FMV) of the house was $1,400,000.
Answer the following question depending on their relationship and title holding:
1. Betty and Peter are friends, and they took title as joint tenants.
a. How much is included in Betty’s estate? Please show your calculations.
b. What is Peter’ new basis? Please show your calculations
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