In 1985, Scott and Dana acquire land for $600,000 with Scott furnishing $200,000 and Dana $400,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Scott dies first in 2011, when the land is worth $3,000,000. What is Dana's income tax basis in the property under each of the following assumptions?

Question

In 1985, Scott and Dana acquire land for $600,000 with Scott furnishing $200,000 and Dana $400,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Scott dies first in 2011, when the land is worth $3,000,000. What is Dana's income tax basis in the property under each of the following assumptions?
In 1985, Scott and Dana acquire land for $600,000 with Scott furnishing $200,000 and Dana $400,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Scott dies first in 2011, when the land is worth $3,000,000. What is Dana's income tax basis in the property under each of the following assumptions?

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The Answer of In 1985, Scott and Dana acquire land for $600,000 with Scott furnishing $200,000 and Dana $400,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Scott dies first in 2011, when the land is worth $3,000,000. What is Dana's income tax basis in the property under each of the following assumptions?

In 1985, Scott and Dana Acquire Land for $600,000 with Scott