Robert and diane husband and wife live in pennsylvania a, Ask an Expert

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Robert and Diane, husband and wife, live in Pennsylvania, a common law state. They purchased land as joint tenants in 2006 for $60,000. In 2010, Diane dies and bequeaths her share of the land to Robert. The land has a fair market value of $88,000. What is Robert's adjusted basis for the land?

a) $88,000.

b) $74,000.

c) $60,000.

d) $30,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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