Robert and Diane, husband and wife, live in Pennsylvania, a common law state. They purchased land as
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Robert and Diane, husband and wife, live in Pennsylvania, a common law state. They purchased land as joint tenants in 2012 for $300,000. In 2016. 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?
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South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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