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Determine the income tax basis of the property to Lily

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Problem - In July, Lily gives Larry a house (basis of $200,000; fair market value of $650,000) to be used as his personal residence. Before his death 11 months later, Larry installs a tennis court in the backyard at a cost of $25,000. The residence is worth $670,000 when Larry dies. Determine the income tax basis of the property to Lily, who received the house back under terms of Larry's will.

Reference no: EM132650949

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