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Al and Kathy are married and jointly own land (adjusted basis of $40,000). At the time of Kathys death, the land had a fair market
Al and Kathy are married and jointly own land (adjusted basis of $40,000). At the time of Kathys death, the land had a fair market value of $60,000. Under the joint ownership arrangement, the land passes to Al. His basis will be:
a- $60,000 if all parties live in a community property state.
b- $50,000 if all parties live in a community property state.
c- $60,000 if all parties live in a common law state.
d- $40,000 if all parties live in a common law state.
e- None of the above.
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