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Emma Gives Her Personal Use Automobile (Cost of $29,000; Fair

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Emma gives her personal use automobile (cost of $29,000; fair market value of $15,000) to her son, Louis, on July 3, 2012. She has owned the automobile since July 1, 2009.
Emma gives her personal use automobile (cost of $29,000; fair market value of $15,000) to her son, Louis, on July 3, 2012. She has owned the automobile since July 1, 2009.

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