Question

Al and Kathy are married and jointly own land (adjusted basis of $40,000). At the time of Kathy’s death, the land had a fair market value of $60,000. Under the joint ownership arrangement, the land passes to Al. His basis will be:

a- $60,000 if all parties live in a community property state.

b- $50,000 if all parties live in a community property state.

c- $60,000 if all parties live in a common law state.

d- $40,000 if all parties live in a common law state.

e- None of the above.

Answer 1

solutions option is correct, a property live in community parties all a $60,000, if state- it one owner under the agreement Joint oconership to other Oconer is transferred the died, property ts if state all the parties ince in a community property