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

Question 37

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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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