Scott and Dana acquire land in 1985 for $800,000 with Scott furnishing $200,000 and Dana $600,000 of the purchase price.Title to the property is listed as equal joint tenancy with right of survivorship.Scott dies first in 2012,when the land is worth $4,000,000.What is Dana's income tax basis in the property under each of the following assumptions?

Question

Scott and Dana acquire land in 1985 for $800,000 with Scott furnishing $200,000 and Dana $600,000 of the purchase price.Title to the property is listed as equal joint tenancy with right of survivorship.Scott dies first in 2012,when the land is worth $4,000,000.What is Dana's income tax basis in the property under each of the following assumptions?
Scott and Dana acquire land in 1985 for $800,000 with Scott furnishing $200,000 and Dana $600,000 of the purchase price.Title to the property is listed as equal joint tenancy with right of survivorship.Scott dies first in 2012,when the land is worth $4,000,000.What is Dana's income tax basis in the property under each of the following assumptions?

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The Answer of Scott and Dana acquire land in 1985 for $800,000 with Scott furnishing $200,000 and Dana $600,000 of the purchase price.Title to the property is listed as equal joint tenancy with right of survivorship.Scott dies first in 2012,when the land is worth $4,000,000.What is Dana's income tax basis in the property under each of the following assumptions?

Scott and Dana Acquire Land in 1985 for $800,000 with Scott