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Todd and Melissa, husband and wife, own property jointly. The property has an adjusted basis of $400,000 and a fair market value of $500,000. a.

Todd and Melissa, husband and wife, own property jointly. The property has an adjusted basis of $400,000 and a fair market value of $500,000. a. Discuss the rules for the calculation of the adjusted basis of the property to Todd if he inherits his wifes share of the property and Todd and Melissa live in a community property state. b. If they live in a common law state?

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