Question: Dan receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $ 1 5 0 , 0

Dan receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $150,000. At the time of the gift, the land and building have fair market values(FMVs) of $102,000 and $68,000, respectively. No gift tax is paid by Dan's uncle at the time of the gift.

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