In 1990, Mia, a resident of New Jersey, purchases realty for $600,000 listing title as "Mia and Ella, joint tenants with right of survivorship.". In 2016, Mia predeceases Ella when the realty is worth $3,000,000 . Ella's income tax basis in the property is:
a. $0.
b. $300,000.
c. $1,800,000.
d. $3,000,000.
e. $3,300,000.
e
RATIONALE: Ella's basis is $3,300,000 [$300,000 (gift basis when Mia bought the realty) + $3,000,000 (portion passing through Mia's estate)].
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