McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 7

This year Dan and Mike purchased realty for $180,000 and took title as equal tenants in common.However, Mike was able to provide only $40,000 of the purchase price and Dan paid the remaining $140,000.Has Dan made a complete gift to Mike, and if so, in what amount?