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

Question 63

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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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