Multiple Choice
Peter received his uncle's coin collection as a gift when it was valued at $150,000.Over the years, the uncle had purchased the coins for a total of $75,000.The uncle paid a $15,000 gift tax on the gift.What is Peter's basis in the coin collection?
A) $75,000
B) $82,500
C) $90,000
D) $150,000
Correct Answer:
Verified
Correct Answer:
Verified
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