William and Madison are husband and wife.Fifteen years ago,they purchased real estate for $200,000.Madison dies first in 2009 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?

Question

Quizplus · Accepted Answer

The Answer of William and Madison are husband and wife.Fifteen years ago,they purchased real estate for $200,000.Madison dies first in 2009 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?

William and Madison Are Husband and Wife