Multiple Choice
Nancy gives her niece a crane to use in her business with a fair market value of $61,000 and a basis in Nancy's hands of $80,000.No gift tax was paid.What is the niece's basis for depreciation (cost recovery) ?
A) $0
B) $19,000
C) $61,000
D) $80,000
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q10: If Wal-Mart stock increases in value during
Q11: Realized gain or loss is measured by
Q12: Abby sells real property for $300,000.The buyer
Q13: Transactions between related parties that result in
Q14: Gift property (disregarding any adjustment for gift
Q16: Karen purchased 100 shares of Gold Corporation
Q17: Alice owns land with an adjusted basis
Q18: Mona purchased a business from Judah
Q19: If a seller assumes the buyer's liability
Q20: Wade is a salesman for a real