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Basis in the land to Cheryl after death of Ed Ed and Cheryl have been married for 27 years They own land jointly with a basis of $140000 Ed dies in 2008 when the fair market value

Basis in the land to Cheryl after death of Ed

Ed and Cheryl have been married for 27 years They own land jointly with a basis of $140,000 Ed dies in 2008, when the fair market value of the land is $220,000 Under the joint ownership arrangement, the land passed to Cheryl

a If Ed and
Cheryl reside in a community property state, what is Cheryl’s basis in the
land?

 

b If Ed and
Cheryl reside in a common law state, what is Cheryl’s basis in the land?

Mar 23 2020 Read more Less More

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