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QUESTION 6 Liam and Olivia, husband and wife, live in Pennsylvania, a common law state. They purchased land as joint tenants in 2016 for $200,000.

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QUESTION 6 Liam and Olivia, husband and wife, live in Pennsylvania, a common law state. They purchased land as joint tenants in 2016 for $200,000. In 2021, Olivia dics and bequeaths her share of the land to Liam. The land has a fair market value of $400,000. What is Liam's adjusted basis for the land O a $300,000 Ob. $375,000 O c $450,000 Od. $750,000 * None of the above

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