Problem:
DeMarcus and Brianna are married and live in a common law state. They jointly own real property with an adjusted basis of $200,000. When the property has a FMV of $450,000, DeMarcus dies leaving all of the property to Brianna.
Required:
Question: If she later sells the property for $650,000, what is Brianna's gain on the sale?
- $200,000
- $225,000
- $325,000
- $450,000
Note: Please show the work not just the answer.