In June 2012, Karen transferred property with a $75,000 FMV and a $20,000 adjusted basis to Hal,
Question:
a. What is the amount of Karen's taxable gift for 2012?
b. What gain would Hal have recognized if he sold the property for $95,000 in July 2012?
c. If Hal wills the property to Dot, his daughter, what basis would Dot have?
d. How would your answer to Part c change if Hal instead willed the property to Karen?
e. How would your answer to Part d change if Hal did not die until August 2013?
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Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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