Travis and Kim acquire land in 1985 for $900,000 with Travis furnishing $300,000 and Kim $600,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Kim dies first in 2013, when the land is worth $3,000,000. What is Travis's income tax basis in the property under each of the following assumptions?
a. Travis and Kim are brother and sister.
b. Travis and Kim are husband and wife.
c. Travis and Kim are husband and wife and the land is community property.

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The Answer of Travis and Kim acquire land in 1985 for $900,000 with Travis furnishing $300,000 and Kim $600,000 of the purchase price. Title to the property is listed as equal joint tenancy with right of survivorship. Kim dies first in 2013, when the land is worth $3,000,000. What is Travis's income tax basis in the property under each of the following assumptions?
a. Travis and Kim are brother and sister.
b. Travis and Kim are husband and wife.
c. Travis and Kim are husband and wife and the land is community property.

Travis and Kim Acquire Land in 1985 for $900,000 with Travis