True/False
During 2012, Carl Crofts received a gift of property having a fair market value of $25,000 at the time of the gift. fte donor's adjusted basis in the property at the time of the gift was $21,000. fte donor paid a gift tax of $700 on the property. Carl's basis in the property is $21,700.
Correct Answer:
Verified
Correct Answer:
Verified
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