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Question

Bobby owned a building with a fair market value of $$2,000,000.$ Bobby$$s adjusted basis in the building was $$1,000,000.$ Bobby agreed to sell the building to his son, Robby, for $$1,300,000.$ What is the amount of Bobby$$s taxable gift?

A$.$Bobby has made a taxable gift of $$300,000.$

B$.$Bobby has made a taxable gift of $$682,000.$

C$.$Bobby has made a taxable gift of $$2,000,000.$

D$.$Bobby has not made a taxable gift.