Assume Mary made a gift of property in 2019 with a fair market value of $100,000 and
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Assume Mary made a gift of property in 2019 with a fair market value of $100,000 and an adjusted basis of $40,000 to Dominic. What would Dominic's basis in the property be if Mary paid gift taxes of $20,440 (assume that at time of this gift, she has previously used all of her lifetime exemption amount) and applied an annual exclusion to the transfer?
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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