Arthur received a gift of virtual currency with a fair market value of $25,000 from his friend,
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Question:
Arthur received a gift of virtual currency with a fair market value of $25,000 from his friend, Julie, who has no documentation to substantiate her basis. If the annual tax exclusion amount was $16,000 at the time of the gift, what is Arthur’s basis?
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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