Multiple Choice
Melba gives her niece a drill press to use in her business with a fair market value of $36,000 and a basis in Melba's hands of $41,000.No gift tax was paid.What is the niece's basis for depreciation (cost recovery) ?
A) $0.
B) $5,000.
C) $36,000.
D) $41,000.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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