Billy and Sue are married and live in Texas, a community property state. They jointly own real property with an adjusted basis of $200,000. When the property has a FMV of $450,000, Billy dies leaving all of the property to Sue. If she later sells the property for $650,000, what is Sue's gain on the sale?
A. $450,000
B. $225,000
C. $200,000
D. $325,000
Answer: C
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a. True b. False Indicate whether the statement is true or false