Fred and Ethel (brother and sister), residents of a noncommunity
property state, own unimproved land that they hold in
joint tenancy with rights of survivorship. The land cost $100,000
of which Ethel paid $80,000 and Fred paid $20,000. Ethel died
during 2013 when the land was worth $300,000, and $240,000
was included in Ethel?s gross estate. What is Fred?s basis for the
property after Ethel?s death?

$140,000$240,000
$260,000$300,000