Answer:
$300,000
Explanation:
From the above passage, the information given is that the land was valued at $300,000 which is the fair market value price as at when Tobin's father died. What this means is that the amount of $300,000 will be Tobi's basis in the land although the land was purchased by his father at the cost of $19,000 in 1970.
Since the federal estate tax return was filed, and the value of the land was $300,000, hence his basis(Tobin) in the land would be $300,000
