In 1989,Tony,a resident of New York,purchases realty for $500,000 listing title as "Tony and Ben,joint tenants with right of survivorship." In 2012,Tony predeceases Ben when the realty is worth $2,000,000.Ben's income tax basis in the property is:
A) $0.
B) $250,000.
C) $1,000,000.
D) $1,250,000.
E) $2,250,000.
Correct Answer:
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