During 2018, Mary Maloney received a gift of property from her aunt. At the time of the
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During 2018, Mary Maloney received a gift of property from her aunt. At the time of the gift, the property had a fair market value of \(\$ 165,000\), the taxable gift was \(\$ 150,000\), and the adjusted basis to her aunt was \(\$ 105,000\). Mary's aunt paid a gift tax on the property of \(\$ 45,000\). What is the amount of Mary's basis in the property?
a. \(\$ 105,000\)
b. \(\$ 123,000\)
c. \(\$ 150,000\)
d. \(\$ 165,000\)
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Related Book For
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
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