Essay
In 2012, Tina Turnips gave property with an adjusted basis of $63,000 to Sally when the fair market value was
$163,000. Gift taxes paid on the property were $30,000, and the taxable gift was $150,000. (a.) What is the adjusted basis of the property to Sally?
(b.) What is the adjusted basis of the property to Sally if adjusted basis of the property to Tina was $180,000 instead of $63,000?
(c.) What is the answer to (a) if the gift had been made in 1975?
Correct Answer:
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(a ) Sally's basis is $83,000. the basis...View Answer
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