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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,

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 on Dianes date of death. Calculate Roberts adjusted basis in the land.

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