A gift of land valued at $80,000 was given to Dorinda by her long-time friend, Justine.The land's original cost to Justine was $30,000. As a result of the transfer, Justine paid a gift tax of $12,000. What is Dorinda's basis in the land? Assume an annual gift exclusion of $15,000.

Answer rating: 100% (QA)

The basis of the gifted property land for the recipient Dorinda typically depends on whether the gif... View the full answer