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On September 18, 2012, Jerry Received Land and a Building

Question 37

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On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows:
On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows: Ted paid gift tax on the transfer to Jerry of $96,000. Ted paid gift tax on the transfer to Jerry of $96,000.
On September 18, 2012, Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5, 2009, and his adjusted basis and the fair market value at the date of the gift were as follows: Ted paid gift tax on the transfer to Jerry of $96,000.

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