Question: You run into the office after avoiding the crazed zombie lawyers in the downtown Houston tunnels, and an old client, Terry, is waiting with some

You run into the office after avoiding the crazed zombie lawyers in the downtown Houston tunnels, and an old client, Terry, is waiting with some tax questions for you. Terry sold his condo (basis $50,000) to his daughter Megan for $75,000. Both agreed that its real worth is $180,000.

Is there a gift? Why or why not? What is the gift, if any? What is Megan's basis? Explain!

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