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LO . 3 Ashley inherited all of the property of her aunt Elena, who died last year. Elena's adjusted basis for the property at the

LO.3 Ashley inherited all of the property of her aunt Elena, who died last year. Elena's adjusted basis for the property at the date of death was $1,200,000. The property's fair market value was $4,500,000 at the date of death and $4,800,000 six months after the date of death. What is Ashley's adjusted basis of the property?
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