Multiple Choice
Nancy gives her niece a crane to use in her business with a fair market value of $61,000 and a basis in Nancy's hands of $80,000.No gift tax was paid.What is the niece's basis for depreciation (cost recovery) ?
A) $0
B) $19,000
C) $61,000
D) $80,000
E) None of these
Correct Answer:
Verified
Correct Answer:
Verified
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