William and Madison are husband and wife.Fifteen years ago,they purchased real estate for $200,000.Madison dies first in 2008 when the property is worth $1,000,000.Assuming the property passes to William,what is his income tax basis under the following ownership assumptions?
a.A tenancy by the entirety is involved.
b.Community property is involved.
c.Why are the results different?

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The Answer of William and Madison are husband and wife.Fifteen years ago,they purchased real estate for $200,000.Madison dies first in 2008 when the property is worth $1,000,000.Assuming the property passes to William,what is his income tax basis under the following ownership assumptions?
a.A tenancy by the entirety is involved.
b.Community property is involved.
c.Why are the results different?

William and Madison Are Husband and Wife