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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 2020. Olivia dies 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? a. $300,000 b. $375,000 c. $450,000 d. $750,000 e. None of the above

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