Mike gives a building to Allison. He has a basis of $400,000 and the fair market value

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Mike gives a building to Allison. He has a basis of $400,000 and the fair market value of the building on the gift date is $300,000. Mike pays gift tax of $105,000 on the gift. What is Allison's adjusted basis in the property for gains?

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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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Posted Date: Mar 05, 2024 08:19 PM

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Mike gives a building to Allison. He has a basis of $400,000 and the fair market value

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South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities

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