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

Derek receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $100,000. At the time of the gift, the land and building have fair market values (FMVs) of $60,000 and $90,000, respectively. No gift tax is paid by Derek's uncle at the time of the gift. Read the requirements.

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