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In 1985, Al and Kelly acquire land for $500,000 with Al furnishing $200,000 and Kelly $300,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Al dies first in 2009, when the land is worth $2,000,000. What is Kelly's income tax basis in the property under each of the following assumptions?

i. Al and Kelly are brothers.

ii. Al and Kelly are husband and wife.

iii. Al and Kelly are husband and wife and the land is community property.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972939

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